For decades, Louisiana has been a crucial hub for the nation’s oil and gas industry. Through both the state’s production of energy resources as well as its transporting and refining capabilities, our state has played a huge role in meeting the nation’s energy needs.
Fortunately, the state is expected to see some additional funding benefits from the energy industry’s ongoing operations. As the Times-Picayune recently reported:
The state of Louisiana will receive $82 million in Gulf of Mexico offshore revenue in the next few months under the Gulf of Mexico Energy Security Act, representing the first large payment under the revenue sharing program created by Congress in 2006.
As the article goes on to note:
The Louisiana Coastal Protection and Restoration Authority will oversee the spending of $65.6 million of the money, while 20 coastal parishes will split $16.4 million. Texas, Mississippi and Alabama will split the remaining $106 million in offshore revenue generated during the first year of GOMESA’s larger Phase II distribution.
These funds are critical for the state of Louisiana – providing much-needed resources for efforts to maintain our state’s coastal regions and wetlands.
In order to ensure the continuation of these benefits, it’s imperative that production and associated transportation of oil and gas resources continues, both safely and efficiently. Projects like the Bayou Bridge Pipeline will help Louisiana safely and responsibly allocate its energy resources, allowing for the state to continue to serve as a pillar for the country’s energy industry – and receive all the related benefits that status entails.