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THE WALL STREET JOURNAL: Revenue Sharing Can Aid Our Energy Independence

Feb 7th, 2006
by admin.

February 6, 2006; Page A19
In regard to “Presidential Energy” by Ronald Bailey, editorial page, Feb. 2:
For almost 30 years I served in Congress and worked on the issue of offshore oil and gas revenue sharing. There, I saw firsthand the connection with the activities in my state of Louisiana and the ability to provide for a secure domestic energy supply. Little changed over those 30 years with the exception of a less reliable energy marketplace in the world, more dependency on foreign imports, and a less stable infrastructure in Louisiana to protect the production and delivery of our oil and gas supply.
Last week we heard the president's call for alternative energy sources. While we would all agree with him that alternative energy sources are a positive step, we should know that part of the path to achieving energy independence is also shoring up our domestic oil and gas supplies. Just last week, as Shell Oil Co. reopened its New Orleans headquarters in the wake of Hurricanes Katrina and Rita, it announced its support for sharing revenues from offshore production — revenues are to be re-directed to all coastal states, and it's expected others in the industry will join this important cause.
The U.S. Commission on Oceans has concluded that sharing revenues with producing states is a sound business solution for the nation. This is an unbiased, nonpartisan recommendation that all political leaders should follow.
Let's take up the president's challenge, but at the same time remember those states willing to shoulder the responsibility for keeping our nation moving until such time as we have alternative energy supplies.
John Breaux
Former U.S. Senator
State of Louisiana
New Orleans

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