Sens. Nix Coastal States' Bid For More Drilling Profits

Law360, New York (April 3, 2009, 12:00 AM EDT) -- The U.S. Senate has struck an amendment from its 2010 federal budget resolution that would have given coastal states a greater stake in the $18 billion collected annually from oil and gas drilling on federally owned portions of the outer continental shelf.

Senators voted 36-61 on Thursday to decisively reject the amendment, introduced by Sen. Mary L. Landrieu, D-La., which proposed feeding 50 percent of revenue from federally owned OCS leases into a deficit-neutral reserve fund for a small number of energy producing coastal states....
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