Deficit Reduction, Job Creation, and Energy Security Act

Short title— This Act may be cited as the “Deficit Reduction, Job Creation, and Energy Security Act”.

Table of contents— The table of contents for this Act is as follows:

The Nation is currently experiencing a national employment emergency, and urgent action is needed to put Americans back to work in well-paid, long-term jobs.

The Federal Government distributed over $10,000,000,000 to Federal, State, and Indian accounts from energy production during fiscal year 2009, primarily from oil and natural gas production.

The domestic oil and natural gas industry is responsible for approximately 9.2 million jobs.

The approximately 43 million leased Outer Continental Shelf acres currently account for about 15 percent of America’s domestic natural gas production and about 27 percent of America’s domestic oil production.

The leasing of these domestic offshore areas for oil and natural gas development provides significant economic benefits to the Federal Government, as well as to States and localities, through the creation and sustenance of jobs and domestic product.

The Department of the Interior’s Bureau of Ocean Energy Management currently has authorities under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) and related laws that can be effectively utilized to create jobs and revitalize the Nation’s economy.

Effective and expedited development of Gulf of Mexico oil and natural gas resources could generate thousands of new jobs, many of which could be created almost immediately.

The coastal regions of the United States have high productivity and contribute approximately 50 percent of the gross domestic product of the United States.

The economies and social structure of many communities are dependent on resources from ocean, coastal, and Great Lakes ecosystems.

Supporting science, research, monitoring, modeling, forecasting, exploration, and assessment will continue to improve our understanding of the ocean, coastal, and Great Lakes ecosystems as well as their long-term economic sustainability.

Safeguarding these ecosystems is crucial to protecting the environment and waters of the United States.

The growth of our energy domestic resources is vital to America’s national security.

Require the Secretary of the Interior to utilize its authorities regarding the leasing and development of offshore oil and gas resources to accelerate job creation and economic revitalization to the fullest extent practicable, taking into account the Department of the Interior’s responsibilities regarding conservation, safety, and protection of the environment.

Promote expansion of domestic employment opportunities.

Respond to the Nation’s increased need for domestic oil and natural gas resources.

Support the utilization of the Outer Continental Shelf for oil and gas production and transmission.

Protect, conserve, restore, and understand the oceans, coasts, and Great Lakes of the United States, ensuring present and future generations will benefit from the full range of ecological, economic, educational, social, cultural, nutritional, and recreational opportunities and services those resources are capable of providing.

Confirm and ensure the validity of appropriate oil and gas leases issued under the Final Outer Continental Shelf Oil and Gas Leasing Program, 2007–2012.

Ensure the continued leasing of Outer Continental Shelf areas pursuant to the Final Outer Continental Shelf Oil and Gas Leasing Program, 2007–2012.

The term Act means the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.).

The term coastal State has the same meaning that the term “coastal state” has in the Coastal Zone Management Act of 1972 (16 U.S.C. 1451 et seq.).

The term DRES Fund means the Deficit Reduction Energy Security Fund.

The term COSH Fund means the Coastal and Ocean Sustainability and Health Fund established by section 102.

The term program means a Final Outer Continental Shelf Oil and Gas Leasing Program issued under section 18 of the Act (43 U.S.C. 1344).

The term Secretary means the Secretary of Commerce, acting through the National Oceanic and Atmospheric Administration.

Other terms shall have the same meaning such terms have under the Act.