Since the federal government began collecting revenues from Outer Continental Shelf oil and gas drilling in the mid-1950s, it has taken in more than $120 billion. However, coastal states are platforms for this vital industry, but have received only a minute portion of those revenues – in some cases less than 1 percent.

In the meantime, no one can argue that offshore drilling – while vastly important to this nation – is hard on our environment. In the past 10 years, 3,500 square miles of Louisiana coastline have been lost. Every 10 minutes we have lost another 25 acres. At least some of this loss can be attributed to federal Outer Continental Shelf oil and gas development.

America's coastal zones are among the most biologically rich and economically significant natural systems in the country. The bad news is that they are now facing devastating impacts including significant lost of wetlands and natural resources.

The good news is that an answer already is on the table. Both versions of the Conservation and Reinvestment Act (CARA), S. 25 in the Senate and H.R. 701 in the House, are progressing well. In fact, at last count the House version has more than 300 cosponsors – an almost unheard of amount of bipartisan support for such major legislation..

Because of the clearly overwhelming bipartisan support for the House version, Sen. Frank Murkowski (R-Alaska) and I have introduced that version into the Senate. The House version is similar to the Senate bill, but includes some differences that will make it even more attractive to the Senate. For example, it would designate $1 billion to coastal impact assistance and conservation without providing incentives for new oil and gas development. It would provide $100 million for the Historic Preservation Fund for grants to states, maintaining the National Register of Historic Places and administering numerous historic preservation initiatives. In addition, it would dedicate $150 million for conservation easements and funding for landowner incentives to aid in the recovery of endangered and threatened species, and up to $200 million of the annual interest generated from the CARA fund to match – dollar for dollar – the appropriated amount for payment in-lieu of taxes (PILT) to states.

We already have more than 20 cosponsors on the current Senate version of CARA and I am confident we will build on the momentum in the House to gain additional cosponsors. The Senators who want to see this pass are delighted at our progress, and I believe those with reservations will begin to see the merits of this sweeping and significant bill.

CARA would represent the largest federal investment in the environment in more than a generation. In addition to providing permanent funding for coastal impact assistance, the bill would redirect a portion of OCS oil and gas revenues to states by fully funding the Land and Water Conservation Fund's federal and state side initiatives, as well as wildlife conservation, historic preservation and park projects.

We recently have received significant boosts for CARA, including the endorsement of the U.S. Chamber of Commerce, four productive Senate hearings, and the House Committee on Resource's adoption of a bipartisan compromise version of CARA by a three-to-one margin.

Just last month, we received an endorsement from the National Governors' Association. And perhaps most important, during his State of the Union Address, President Clinton for the first time publicly acknowledged the importance of providing permanent funding for the conservation of America's coastlines – the backbone of CARA. The President directly addressed the need for such permanent funding to restore wildlife, protect coastlines and save natural treasures, an important boost in our efforts to pass CARA this year. "This is a gift we should give to our children and our grandchildren for all time, across party lines," President Clinton said. And he is right.

I am pleased he understands how important such funding is to protecting and reinvesting in our coastline and wetlands, and I am optimistic that this year we can pass this legislation which already has so much bipartisan support. While past attempts to pass similar legislation have failed, this bill includes fundamental changes that I believe will result in success this year.

Now we are using revenues from a finite source – oil and gas drilling – to fund federal operating expenses. That is not acceptable. Revenues from nonrenewable resources belonging to all Americans should be reinvested in assets of lasting value to the nation. The question we must ask ourselves now is: Once we have depleted all of these resources, what will we have to show for it? The time has come to reinvest a portion of Outer Continental Shelf oil and gas revenues in the permanent natural resources of our nation.