Smart ideas: A nuclear future?
William Murray, writing for the R Street Institute
Before oil drilling begins off the continental shelf, coastal states should move to protect their interests. Interestingly, there is no revenue sharing for offshore drilling, except for a small revenue-sharing program for Gulf Coast states. This means that, by law, the federal government gets 100 percent of the revenues from any hydrocarbon production along the Atlantic, Pacific or Arctic coasts despite states shouldering much of the risk. Western states split royalties from the oil produced on federal lands within state boundaries”, so coastal states should demand that Congress pass a proper revenue-sharing bill before allowing drilling.