BREAKING NEWS:

Advertising Frame, Baton Rouge LA 7/2006
all reproduction rights reserved Wm. Greiner

BREAKING NEWS: House approves offshore royalty sharing billThe House of Representatives overwhelmingly passed a measure this afternoon that could pump billions of dollars in offshore oil and gas revenues into the state's economy, money that will be used to pay for hurricane protection, flood control and reverse coastal erosion. The bill, which was heavily supported by members of the state's Congressional delegation, was attached to a bill extending President Bush's tax cuts. The measure goes back to the Senate, which has passed it before, and then to President Bush, who has said he will sign the bill. Rep. Bobby Jindal, who shepherded the bill through Congress, says the bill is a "positive step for the future" and urged the Senate to take quick action so Louisiana can start getting the revenues. Estimates are that the bill will generate $20 million a year for the state during the next decade, then bumping up to 2017 to $650 million a year.

The Baton Rouge Business Report 12/2/2006