Incoming cash: Louisiana is getting $245 million in grant funding to restore natural resources damaged by the 2010 BP oil spill, The Associated Press reports. The National Fish and Wildlife Foundation says it’s allocating a total of $370 million in grants to five states, including Louisiana, to pay for 24 restoration projects. The allocation is the foundation’s fourth and largest round of grants so far. Louisiana’s five projects include engineering and design for two major projects to divert sediment from the Mississippi River to create new wetlands. The other states that will receive grant funding are Alabama, $63 million; Florida, $32 million; Mississippi, $16 million; and Texas, $12 million.
Up for vote: The U.S. Senate this week will vote on the American Energy and Conservation Act of 2016, legislation introduced by Louisiana Sen. Bill Cassidy in June. In a news release, Cassidy says the legislation allows for more equitable revenue sharing for states involved in existing, new or future energy production from both onshore and offshore leasing areas. The legislation also makes federal funds available for various conservation and coastal restoration activities. Louisiana Oil & Gas Association Acting President Gifford Briggs and Karen Harbert, president and CEO of the the U.S. Chamber of Commerce’s Institute for 21st Century Energy, have endorsed the legislation.
Going out: The U.S. has more gasoline than it knows what to do with. Bloomberg reports gas exports have risen above imports for three consecutive weeks as recurring pipeline outages and higher production levels by refiners caused Gulf Coast inventories to grow. Typically a net importer of gasoline, the U.S. has shipped a record amount of the motor fuel abroad and doesn’t show signs of stopping. The abundance of gasoline pushed Gulf Coast gas prices to an eight-month low last week and spurred the longest losing streak since 2012 in futures, making U.S. gasoline an affordable buy. Read the full story.
