Oceans News

The House voted today to expand offshore drilling in the Gulf of Mexico. The House also failed to pass an amendment by Representatives Markey (D-MA) and Hinchey (D-NY) to recapture tens of billions of dollars of lost oil and gas royalties from deepwater wells in the Gulf.  The estimated revenue lost to the federal government is $9.5 billion in the next five years alone.

The offshore drilling provisions in the tax package passed today directs the Department of Interior to lease more than 8 million acres of the Gulf of Mexico for oil and natural gas development, bringing the messy process of energy development one step closer to pristine beaches off the coast of Florida.  The bill also directs almost 40% of the royalties generated in the Gulf to just four Gulf States, resulting in the loss of tens of billions of dollars to the Federal treasury over the next 50 years. 

This offshore drilling measure is bad energy policy, bad fiscal policy and bad environmental policy.  This does nothing to address our current or future energy needs.  There are better ways than allowing more of the drilling that harms our shores to finance the important restoration of the Gulf coast wetlands that have been destroyed by offshore drilling and hurricanes.

Congress has just delivered an early Christmas present for Big Oil and the American people get a stocking stuffed with lumps of tar.