Stivers proposes increased offshore drilling to pay for infrastructure

COLUMBUS BUSINESS FIRST
BY JEFF BELL

U.S. Rep. Steve Stivers thinks he has found a way to help Ohio and other states find a new revenue stream to pay for overdue repairs and improvements to roads, bridges and other infrastructure.

Stivers, R-Columbus, plans to introduce a bill Monday that would take money from leases for expanded offshore drilling for oil to pay for such projects. Called the American-Made Energy and Infrastructure Jobs Act, the bill will be part of an energy and jobs package introduced recently by another Ohio Republican, House Speaker John Boehner.

Stivers gave Business First a heads-up about his bill a few weeks ago. He said the country needs to invest about $80 billion a year on highway projects but spent only $40 billion in fiscal 2011. To close the funding gap in a hurry, Stivers’ plan would use projected revenue from the offshore drilling leases to back the sale of government bonds that could generate $40 billion to $100 billion over the next five years.

Stivers is also bullish about the need for the U.S. to develop the vast offshore energy resources on the outer continental shelf on both coasts and in the Gulf of Mexico. He said that could lead to long-term job growth and reduce the nation’s dependence on foreign oil.

Stivers said he developed his bill after talking with experts in the oil and gas industry, trade groups such as operating engineers, construction equipment companies and even some environmentalists. That latter group, he said, is interested in some of the revenue from drilling leases being put into water quality projects.

His legislature could grow legs quickly in the House with his press aide, Courtney Whetstone, saying the Natural Resources Committee is slated to hear the bill this week.