In 2006, a year after hurricanes Katrina and Rita devastated New Orleans and the...
- In 2006, a year after hurricanes Katrina and Rita devastated New Orleans and the Gulf Coast, the U.S. government struck a deal to give states in the region a growing share of offshore drilling revenues to finance projects protecting them from future monster storms.
The predicament shows how states hosting offshore drilling can get burned by the industry’s boom-and-bust cycles, providing a cautionary tale for other states as the Trump administration proposes to expand offshore drilling in the Atlantic, Pacific and Arctic oceans. “What in Louisiana is a $50 or $70 billion problem, you are talking hundreds of billions and trillions of dollars around the United States and around the world,” he said.President George W. Bush signed the Gulf of Mexico Energy Security Act into law in December of 2006, providing storm-battered Louisiana, Texas, Mississippi and Alabama a 37.5 percent share of federal oil-and-gas royalties from offshore drilling.
For the first ten years, the changes applied to only a fraction of offshore leases. But after that, in larger payouts starting last year, it applied to all offshore leases off the coasts of these states. An official for the Texas General Land Office said the lower payouts had not impacted its programs because it had budgeted conservatively. Officials in Mississippi did not respond to requests for comment.
The Morganza project has been in the works for more than a decade and is expected to cost about $2 billion. Local communities have already agreed to tax increases twice to help fund the unfinished project.
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