WASHINGTON, D.C. - Senator Frank H. Murkowski (R-AK) today introduced the Conservation and Reinvestment Act of 2001. The bill is identical to a bill introduced at the start of the 106th Congress. “This important legislation remedies a tremendous inequity in the distribution of revenues generated by offshore oil and gas production,” said Murkowski. “It allocates a portion of those moneys to the coastal States and communities who shoulder the responsibility for energy development activity off their coastlines. It also provides a secure funding source for state recreation and wildlife conservation programs.” “By reinvesting revenues from offshore oil and gas production into a variety of important conservation, recreation and environmental programs, this bill will rededicate the Federal government to a partnership with state and local governments to meet the demands of all Americans for outdoor experiences,” Murkowski said. “In addition, it reaffirms the original promise of the Land and Water Conservation Fund that a portion of the revenues obtained by the Federal government from the development of our natural resources would be reinvested into the outdoor recreation and natural resource estate of the Nation.” Murkowski explained that the new bill directs 27 percent of the revenues generated from oil and natural gas production on the Outer Continental Shelf, or OCS, be returned to coastal States and communities. Offshore oil and gas production generates over $4 billion in revenues annually for the U.S. Treasury. Yet, unlike mineral receipts from onshore Federal lands, OCS oil and gas revenues are not directly returned to the States in which production occurs and which bear the burdens of such activity. “This legislation remedies this disparity. States and communities that bear the responsibilities for and costs associated with offshore oil and gas production will finally receive some assistance from the revenues generated by this federal activity,” said Murkowski. “This legislation would share revenues generated by OCS oil and gas activities with counties, parishes and boroughs – the local governmental entities most directly affected – and State governments.” “This is a true investment in the future. This money will be used, day-in and day-out, to improve the quality of life of coastal State residents,” Murkowski said. ###