COMMITTEE ON NATURAL RESOURCES
1324 Longworth House Office Building
Wednesday, July 27, 2011
10:00 a.m.

• Official hearing transcript
• Press Release - Revenue Sharing Vital for State and Federal Revenue Generation, Key to Increased American Energy Production (7/27/2011)
• Committee Action - Full Committee to Hold Hearing on Offshore Energy Revenue Sharing (7/19/2011)

OVERSIGHT HEARING ON:

• "State Perspectives on Offshore Revenue Sharing"

OPENING STATEMENT:

The Honorable Doc Hastings
Chairman

WITNESSES AND TESTIMONY:

Panel I

The Honorable Doug Domenech
Secretary of Natural Resources
Commonwealth of Virginia

The Honorable Garret Graves
Chairman
Coastal Protection and Restoration Authority
Office of the Governor State of Louisiana

Ryan Alexander
President
Taxpayers for Common Sense
(Truth in Testimony Form)

STATEMENT FOR THE RECORD:

BACKGROUND:

The hearing will feature testimony from representatives of coastal states and examine state interest in a fair, equitable revenue sharing plan from offshore revenues. In Fiscal Year 2008, it is estimated that federal offshore energy production generated $18 billion in revenue. Under the Gulf of Mexico Energy Security Act of 2006 (GOMESA), Gulf coast states receive 37.5 percent of revenue from specified oil and natural gas leases off their coast. However, there is not a revenue sharing program in place for states outside of the Gulf of Mexico. The Committee may consider proposals for offshore revenue sharing legislation.