U.S. Senator Richard Shelby (R-AL) today announced final passage of the Gulf of Mexico Energy Security Act of 2006 as a part of a larger package of legislation. The legislation will open portions of the Gulf of Mexico for offshore drilling and ensure that a percentage of the profits return to Alabama.
“This legislation is an important step towards gaining energy independence for the United States and will be a tremendous benefit to Alabama’s economy,” said Senator Shelby. “For too long, the Gulf Coast states have contributed to our nation’s energy supply while receiving virtually nothing in return. I am proud to have worked with my colleagues to pass legislation that will compensate the Gulf Coast states for their contribution.”
Senator Shelby was an original sponsor of S.3711 and worked closely with his Gulf Coast colleagues and Senate leadership to send this important legislation to the President’s desk. The bill will provide access to at least 1.26 billion barrels of oil and 5.8 trillion cubic feet of natural gas. In addition, the legislation will ensure that the Gulf Coast States will be able to share in the revenues produced by the oil and gas leases for many years to come.