Energy Policy Modernization Act of 2015

Floor Speech

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Mr. CASSIDY. Mr. President, I speak on amendment No. 3192, which is revolutionary. At some point I will yield to my colleague the Senator from Louisiana to further discuss this amendment.

Mr. President, the amendment I filed today is a byproduct of the work and bipartisan agreement of members representing the gulf, the Atlantic, and the Arctic regions of our country. I specifically thank Senators Murkowski, Warner, Scott, Vitter, Kaine, and Tillis for their contributions in our efforts to bring greater equity revenue sharing from funds derived from offshore energy production.

For years, energy activities in coastal gulf States and adjacent offshore waters have produced billions of barrels of oil and trillions of cubic feet of natural gas for American energy consumers. The States along the gulf coast and the Arctic, et cetera, have supported offshore energy development for the rest of the country, providing the support for and paying for the infrastructure needed to bring this energy to market. With all of this development, as you might guess, there have been increased costs associated with supporting this increased traffic, additional use of local and State resources, as well as transportation corridors--such as pipelines, vessels, and trucks--to get this energy delivered to those consumers driving vehicles all across the United States.

Maybe most importantly, in addition to the critical areas that support this energy supply, in my State in particular we are experiencing unparalleled land loss due to Federal decisions as to how the lower Mississippi River will be channeled for the benefit of the inland country as well as those efforts associated with this oil and gas development. We can see the effects of this unparalleled land loss. When Hurricanes Katrina and Rita hit our coast, there was no longer the wetlands that buffered the impact of tidal action. Those wetlands eroded, so those hurricanes hit with greater force, causing greater damage to our State. After Hurricane Katrina, you only have to remember those news reports from New Orleans to understand how devastating that could be--all related to decisions made by the Federal Government.

Addressing these historic costs of hosting a capital-intensive industry, while ensuring resilient domestic energy supply, can be obtained only through equitable revenue sharing. What Louisiana does under our State constitution with any revenue that is shared from the Federal Government related to drilling off the coast of the Gulf of Mexico--100 percent is dedicated to coastal restoration; 100 percent is dedicated to restoring the wetlands that would prevent another Hurricane Katrina from devastating New Orleans or any other coastal community in our State.

There are other benefits for the rest of the country. This amendment that we have filed would increase funding for the Land and Water Conservation Fund by over $600 million, so the rest of the country benefits as well.

This amendment brings greater equity in revenue sharing with the gulf States by lifting the Gulf of Mexico Energy Security Act, or the GOMESA revenue sharing cap, while allowing mid-Atlantic States and Alaska to share in future revenue from offshore energy production. All energy- producing States deserve to share the revenue derived from energy developed both onshore and offshore. Responsible revenue sharing allows States hosting energy production to mitigate for the historic and prospective infrastructure demands of energy production and allows States to make strategic investments ensuring future generations of resiliency for this vital infrastructure and natural resources.

Mr. President, I yield to my colleague from Louisiana, Senator Vitter, for his thoughts on this issue.

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