Murkowski, Sullivan Introduce Bill to Establish Offshore Revenue Sharing for Alaska
U.S. Senators Lisa Murkowski and Dan Sullivan, both R-AK, today introduced legislation to provide for equitable revenue sharing from energy production and development in Alaska’s Outer Continental Shelf.
The bill, Alaska Offshore Parity Act, will facilitate the establishment of a revenue sharing program for Alaska to provide parity with onshore and offshore development in the outer Continental Shelf. This program will provide support for onshore infrastructure for coastal communities, mitigation of damage to natural resources, resiliency, and programs at Alaskan higher education institutions.
“Alaskans hold ourselves to the highest standards when it comes to responsibly developing our natural resources with minimal impact on coastal communities,” said Senator Lisa Murkowski. “Offshore revenue sharing is a matter of simple fairness. This legislation ensures that Alaskans receive a fair portion of the benefits that our resource-rich state provides. This legislation creates a framework to mitigate environmental impact, protect coastal communities, and support projects for various entities in Alaska while providing fairness and parity. Providing revenue sharing from the development of Arctic resources to surrounding coastal communities makes sense and is the right thing to do.”
“Production of the vast energy reserves found in Alaska’s Outer Continental Shelf offers us the opportunity to grow our economy, bolster our national security, create new jobs, and fill the Trans Alaska Pipeline,” said Senator Dan Sullivan. “It is critical that we continue making strides toward responsibly developing these resources for the maximum benefit of Alaskans and all Americans, while protecting our marine ecosystem and coastal communities. Because these resources are off of our coasts, Alaskans deserve to benefit from their production in terms of revenues for our state and local governments. Our legislation makes sure Alaskans receive their fair share of these revenues, which are critical to supporting our communities.”
The Alaska 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 those resources, outside of the nearshore areas designated under Section 8(g) of the Outer Continental Shelf Lands Act.
