ROYALTY RIP OFF

Hey all, hope your week is going well so far.

Check out this editorial from the NYTimes. It correctly argues that oil and gas producers drilling on public lands in the Gulf of Mexico must pay full royalties (turns out they haven't been, imagine that . . . ). I couldn't agree more, but I think there's a part of the story they left out too.

Last week, a bill passed in Congress that expanded oil drilling in the Gulf and directed about a third of the revenue to LA, MS, AL and FL. I don't like to see more drilling, but the revenue-sharing piece is a welcome relief. Unfortunately, it by no means provides everything we'll need to restore our coast (a price tag of 14 billion dollars). Why should restoration of our coast, which was shredded by the oil and gas industry over the last century, rely on money that comes from more drilling? Haven't they already caused enough havoc and made enough money to foot some of the bill regardless of future endeavors?

Congress should fight to make the oil companies pay up, and a hefty portion of that revenue should end up in Louisiana's coastal restoration fund (we've already amended the constitution so that all oil money from the feds will be used for coastal restoration). With an estimated 10 billion in play, even a portion could be a major windfall. Let's make the oil companies pay for damage they've already done with money they've already earned (actually, I mean money they already owe the American people).

Dan Favre is the GRN's Campaign Organizer