Central Louisiana News

U.S. Senator Bill Cassidy, M.D. (R-LA), recently revealed that Louisiana is set to receive a substantial sum of $156,329,442.65 in revenue from the Department of the Interior for energy produced in the Gulf of Mexico during Fiscal Year (FY) 2023. This revenue stems from offshore energy production and is constitutionally allocated to fund conservation, restoration, and environmental projects aimed at preserving and restoring Louisiana's eroding coastline.

Dr. Cassidy emphasized the broader impact of Louisiana's energy sector, stating, "Louisiana energy benefits stretch far beyond job creation and energy production... This revenue will be used to improve the lives of all who call South Louisiana home by rebuilding our coastlines, better protecting our coastal communities."

The Gulf of Mexico Energy Security Act (GOMESA), enacted in 2006, established a revenue sharing program between the federal government and the Gulf Coast states, including Louisiana, to support oil and gas exploration and development activities. Cassidy has been actively involved in advocating for the region, having introduced the Reinvesting in Shoreline Economies & Ecosystems (RISEE) Act, a bipartisan initiative aimed at enhancing coastal protection and resiliency.

The RISEE Act proposed by Cassidy seeks to reinforce the original intent of GOMESA and introduce a dedicated funding stream from offshore wind development for coastal preservation efforts. Notably, the act aims to eliminate the current state revenue sharing cap of $375 million and lift the Land & Water Conservation Fund's state-side funding cap of $125 million. By removing these caps, Louisiana could potentially receive nearly $2 billion over a decade for conservation projects.

The allocation of $156 million to Louisiana from energy revenue sharing signifies a significant investment in the state's environmental and coastal preservation initiatives, reflecting ongoing efforts to safeguard and enhance the region's natural resources.