U.S House Committee advances legislation to increase federal offshore royalties to 50%

Mar 13, 2023 News

Kaieteur News – Last Thursday, a U.S House Committee advanced legislation that would increase the federal offshore royalties that Louisiana and other oil-and gas-producing states receive.

NOLA (New Orleans, Los Angeles) news agency reported that the move by the House Committee was done for the first time in a decade.

“The revenue-sharing increase that Louisiana has been seeking since 2006 will be part of the bill that is the No. 1 priority for the House this term: The Lower Energy Cost Act, sponsored by House Majority Leader Steve Scalise, R-Jefferson,” NOLA reported.

“I will be introducing our H.R. 1, the Lower Energy Costs Act, to cut red tape and increase energy production here at home to lower energy costs and stop our reliance on hostile foreign dictators for our energy and minerals,” Scalise said on Thursday.

The new bill is an amalgamation of a dozen or so energy-related measures that were heard and advanced out of House committees on Thursday. H.R. 1 will likely receive a vote by the full House by the end of the month.

“This bill also includes the BREEZE Act that will increase the revenue our state receives from oil and gas exploration and production in the Gulf and create the framework to receive revenue from future offshore wind development,” Scalise said. “This will give Louisiana millions more to restore our coast and provide stronger flood protection for our communities.”

The Budgeting for Renewable Electrical Energy Zone Earnings Act, called BREEZE, would increase royalty payments to Louisiana and other producing states from 37.5% to 50% of the take and remove the cap that limited the amount of total money going from the federal treasury to the states.

The BREEZE wording was inserted into the sweeping Transparency, Accountability, Permitting, and Production of American Resources Act, or the TAPP Act, which cleared the House Natural Resources Committee on a party-line 24-19 vote. The TAPP Act, H.R. 1335, is the largest of the energy-related bills advancing that address promises Republicans made during the November midterms to increase oil and gas production. All those bills are being merged into H.R. 1.

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U.S House Committee advances legislation to increase federal offshore royalties to 50%

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U.S House Committee advances legislation to increase federal offshore royalties to 50%

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