Offshore Oil

A blog post from 2010 discussing why the federal government controls offshore oil and gas, not the states.  This only since 1950 and the result of a deal not taken by Louisiana governor Earl Long.

Earl’s big blunder (no thanks to Leander Perez)

“Dodd, in his book, speculated that the immediate loss to the state was $66.5 billion, not including billions more paid in bonuses and leases, plus the severance taxes that would have amounted to about a fourth of the total value of production. Dodd said the cost as of 1986, when he wrote his book, was “$100 billion plus,” with future losses as much as $10 billion a year.