The U.S. Senate Committee on Energy and Natural Resources held a hearing today to consider a natural resources revenue sharing bill, the FAIR Act of 2013. Ranking Member Lisa Murkowski (R-AK) introduced the bill, which is co-sponsored by Senators Mark Begich (D-AK), Heidi Heitkamp (D-ND), and Mary Landrieu (D-LA). The bill would provide coastal states and political subdivisions with 27.5 percent of revenues from the development of oil, natural gas, and alternative and renewable energy on the outer Continental Shelf. It would also provide an additional 10 percent to coastal states that establish a fund that supports projects and activities relating to alternative or renewable energy, energy research and development, energy efficiency, or conservation.
In considering the effects of this bill, it is important to understand the history and characteristics of federal revenues from natural resources, which have averaged about $11.7 billion each year over the last 10 years. The U.S. Treasury receives roughly 59 percent of the revenues and royalties, and the remainder funds a variety of programs. The presentation below provides detailed statistics on the mix of natural resources revenues collected by the federal and state governments, and how those revenues are currently disbursed.
View our analysis of natural resources royalties here.
|BPC Staff Analysis of Natural Resources Royalties.pdf||639.9 KB|