Rep. Scott Tipton has introduced legislation to help states fund education by expanding responsible energy development and creating much needed jobs.
The Education and Energy Act of 2011 (H.R. 3235) will dedicate 33 percent of the federal portion of oil and gas revenues that are derived from leases for tracts located in a state, back to the department of education of that particular state. The bill will also distribute 17 percent of the remaining federal portion of mineral revenues to all states. This distribution will apply only to leases offered under new authority granted to the Secretary of the Interior through legislation, and to revenues which exceed the budget estimates for the prior fiscal year.
“With so many states in desperate need of additional funding for K-12 and higher education, this legislation provides a way to make a considerable investment in our children’s future and our universities,” Tipton said. “In so doing, we can reduce our dependence on foreign energy, provide increased availability to affordable domestic energy, and create jobs while providing a portion of federal revenues from domestic energy production projects to states for educational purposes.”
The Education and Energy Act of 2011 will allow for a reliable source of educational funding in those states that choose to develop their domestic mineral resources under new leasing authority granted to the Secretary of the Interior. States with areas under new leasing authority will see a direct investment in educational funding for revenues collected.
Additionally, if the federal government receives revenues from domestic oil and gas development beyond that which was anticipated for a given year, those additional amounts will be apportioned for education funding as the states see fit.
“This is an opportunity to approach education funding in a new way that doesn’t increase the federal deficit, all the while creating new jobs and reliable domestic energy,” Tipton said.