Rep. Young, AK On Benefits Of Offshore/Onshore Drilling

Washington, D.C. – The following is U.S. Rep. Don Young’s (R-Alaska) statement on today’s announcement regarding the Minerals Management Service’s disbursement of a record $23.4 billion to State, Federal and American Indian accounts due to onshore and offshore energy production in Fiscal Year 2008.

Young is the Ranking Member on the Natural Resources Committee.

“This historic level of disbursements to individual States, American Indians and the federal government demonstrates the important contribution that oil and gas leasing makes to the balance sheet of the taxpayers.

“The fact that $23.4 billion was generated in revenues from a very limited amount of energy production clearly shows how vital onshore and offshore development is to our national economy.

“Just think how much better we could be doing if we leased more than six percent of the onshore areas and three percent of the offshore areas that hold vast amounts of untapped oil and natural gas potential.

“However, this record level of energy revenues will be a one-time event as the Democratic Leadership moves forward with their promises of increased delays and cutbacks in production due to additional restrictions and prohibitions they intend to impose on oil and gas leasing and development of federal lands and the Outer Continental Shelf.

“It’s my hope the new Congress will take note of this important economic benefit for America. We should allow new onshore and offshore production to help address our national economic and energy crisis and establish greater revenue sharing equity with all coastal states.”

Posted by Tom Remington