Gulf states will get a new boost in shared revenue from offshore oil and gas leases, the Department of the Interior announced Tuesday.
The Trump administration has raised the cap on how much states can receive from energy leases on the Gulf of Mexico’s Outer Continental Shelf from $500 million to $650 million annually. The funds are given to coastal states participating in offshore energy — Alabama, Louisiana, Mississippi and Texas.
“The Trump administration is committed to unleashing American energy, reducing reliance on foreign sources and strengthening coastal communities,” Interior Secretary Doug Burgum said in a news release. “This increase in revenue sharing rewards the states that power our economy and ensures they have the resources to build resilient infrastructure, protect their coastlines and grow local jobs.”
The cap increases were required under President Donald Trump’s megalaw, which also mandated new oil and gas lease sales in the Gulf, which the Trump administration renamed the Gulf of America.
