Washington, D.C. (July 14) – A promising compromise has been reached that will allow the Senate Energy Committee to vote next week on the Conservation and Reinvestment Act (CARA), Sen. Mary L. Landrieu (D-La.) said today.

"I am pleased that all sides were able to work together to build this bipartisan compromise which will allow us to take the next step toward passing permanent conservation funding that benefits all Americans and provides a significant down payment on the restoration of Louisiana's coast," Sen. Landrieu said. "While we still have more work ahead, this chairman's mark is a major step in the right direction and moves us closer to a presidential signature."

The Energy Committee is scheduled to mark up CARA on Tuesday, July 18. The House of Representatives passed CARA (H.R. 701) on May 11 by an overwhelming majority of 315-102.

The Senate compromise includes more than $170 million a year to Louisiana for conservation initiatives, including coastal impact assistance. "This is a victory for Louisiana. For too many years our coast has served as the primary platform for the oil and gas industry, while we have received virtually none of the federal revenues generated right off our shore," she said. "It is time for Louisiana and all states to receive their fair share."

CARA would create permanent environmental funding by redirecting a portion of offshore oil and gas revenues to states to fully fund the Land and Water Conservation Fund's federal and state side initiatives, coastal conservation and impact assistance, wildlife conservation, historic preservation, and urban and forestry parks projects. Currently, the federal government keeps almost 100 percent of these revenues, with little returned to states and local governments to protect and conserve our natural treasures.

"The time has come to take a portion of the proceeds from a nonrenewable resource to reinvest in the conservation and enhancement of our renewable resources. To continue to do otherwise, as we have for the last 50 years, is fiscally and environmentally irresponsible," Sen. Landrieu said.