United States Offshore Oil Revenue Sharing Bill Shut Down in Senate

Offshore oil revenue sharing bill shot down in Senate

According to media report from OffshoreEnergyToday, United States, Senator Bill Cassidy from Louisiana proposed offshore revenue sharing bill, shut down on the floor of the US Senate, on Thursday.

Cassidy’s proposed bill called for more equitable revenue sharing for states involved in existing, new or future energy production from both onshore and offshore leasing areas. This would, it has been said, incentivize states to drill offshore. The legislation also proposed increased investments in conservation and coastal restoration efforts.

While attracting the majority of Senate support with 51 votes in favor and 47 against, the proposal fell short of the 60 votes required for to get a floor vote.

In a statement following the vote, Cassidy said he would continue the fight to pass the American Energy and Conservation Act of 2016.

“This bill would create 280,000 new jobs and generate $51 billion in government revenue. This makes sense for our economy and for the well-being of middle-class Americans,” said Dr. Cassidy. “Getting today’s floor vote was a victory. The majority of the Senate supports this. The fight for this pro-American legislation will continue.”

Here’s Cassidy’s speech in which he called for support of the legislation.


While Cassidy said he’d keep on the fight, the White House has other plans. In response to the act proposed by Cassidy, the White House issued a statement saying the Administration strongly opposes it.

To read the full report, CLICK HERE FOR MORE INFORMATION

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Obineme Ndubuisi Micheal,

Technical | Creative and Senior News Writer, covering the entire value chain of the Energy Industry. Our publication covers the entire value chain of Renewable/Energy, Power, Mining, To get in touch, email: oilandgasrepublic@gmail.com