U.S. Sen. Lisa Murkowski’s offshore revenue sharing bill advanced late last week out of the Energy and Natural Resources Committee to the full Senate. Senate Bill 2996, the Alaska Offshore Parity Act, which was co-sponsored by U.S. Sen. Dan Sullivan, would establish a federal offshore revenue sharing program for the state that provides parity with revenue sharing elsewhere in the outer Continental Shelf.
Alaska’s Outer Continental Shelf contains an estimated 27.3 billion barrels of oil and 131.6 trillion cubic feet of natural gas. Under current law, however, Alaska does not receive any revenue from the development of these resources, outside of the nearshore areas designated under Section 8(g) of the Outer Continental Shelf Lands Act.
Click here for more on S. 2996.