Senate Democrats file California-GOM oil lease swap bill

Senators from Louisiana and California introduced legislation in late February to close a decades-old, billion-dollar dispute between industry and California over offshore oil leases. The California Coastal Protection and Louisiana Energy Enhancement Act also directs the Secretary of the Interior to provide oil companies holding California leases with a swap of equivalent value in the Gulf of Mexico within 30 days of the bill's passage.US Sens. Barbara Boxer and Dianne Feinstein (D-Calif.) and John Breaux and Mary Landrieu (D-La.) said passage would cancel the 40 remaining nonproducing oil and gas leases off California and create an environmental preserve to permanently protect these ...

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