Offshore drilling revenue sharing takes hold in Senate bill; RES debate continues
Coastal states that agree to oil and gas drilling off their shores would be offered one-quarter of the revenue, under the latest draft of the new climate and energy bill, sources on and off the Hill say. Another 10 percent would go to the Land and Water Conservation Fund, with the remaining 65 percent going to the Treasury for deficit reduction, under the draft authored by Sens. John Kerry (D-Mass.), Lindsey Graham (R-S.C.) and Joe Lieberman (I-Conn.), according to a Senate aide close to the process and people who have seen the draft.