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Senate Democrats oppose OCS revenue split
04/26/2010
Three leading US Senate Democrats reiterated their opposition to sharing federal offshore energy development revenue with coastal states. Calling the idea a giveaway, Jeff Bingaman (NM), Byron L. Dorgan (ND), and John D. Rockefeller IV (W.Va.) said it would increase the budget deficit, reduce federal revenue, and send money belonging to the entire country to a few coastal states."The fiscal consequences of such a loss would be devastating, particularly given the enormous demands on the federal Treasury and our need to reduce the deficit," they said in an Apr. 19 letter to other US senators."There is no justification for using these significant national resources to provide ...
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