Section 1 Short title
This Act may be cited as the “Gulf Conservation and Recreation Funding Act”.
Gulf Conservation and Recreation Funding Act
A BILL
To amend the Gulf of Mexico Energy Security Act of 2006 to require payments to Gulf producing States and their coastal political subdivisions to compensate for reductions in other payments under that Act resulting from the moratorium on new oil and natural gas leases in offshore waters under Executive Order 14008 of January 27, 2021.
Sec. 2 Payments to Gulf producing States and coastal political subdivisions to compensate for reductions in payments resulting from moratorium on new offshore oil and natural gas leases
Section 105(b) of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note) is amended by adding at the end the following:
“(4) Payments to Gulf producing States to compensate for reductions in other payments resulting from moratorium on new leases—In addition to the other payments required by this subsection, during the effective period of the moratorium on new oil and natural gas leases in offshore waters under Executive Order 14008 of January 27, 2021, the Secretary shall pay to each Gulf producing State and each coastal political subdivision each fiscal year an amount equal to the difference between the amount of such other payments for the fiscal year to the State or subdivision, respectively, and the average annual amount of such other payments to the State or subdivision, respectively, for fiscal years after fiscal year 2017 and up to fiscal year 2020.”