Louisiana House Bill HB340

Louisiana 2018 Regular Session

• Introduced: 3/1/18
• Refer: 3/1/18
• Refer: 3/12/18

Caption

Establishes the Louisiana State Oil and Gas Museum Fund and dedicates a portion of mineral revenue into the fund (OR DECREASE GF RV See Note)

Impact

The bill's enactment will have direct implications for the allocation of mineral revenue within the state's budget. By establishing this fund, it creates a legally defined financial structure that prioritizes the museum’s needs, allowing state resources to be more effectively managed. This should enhance the operational capabilities of the Louisiana State Oil and Gas Museum, potentially attracting more visitors and promoting educational initiatives related to Louisiana's crucial economic sectors of oil and gas.

Summary

House Bill 340 establishes the Louisiana State Oil and Gas Museum Fund, designed to support the operations and maintenance of the museum dedicated to the state's oil and gas history. The fund is to be financed through a unique mechanism that allocates one-tenth of one cent per barrel of oil produced in Louisiana, with the annual contributions capped at $250,000. This ensures a dedicated revenue stream for the museum, which proponents argue is essential for preserving the state's cultural heritage related to its oil and gas industry.

Sentiment

Sentiments around HB 340 are generally positive among supporters, who see it as an important investment in cultural preservation and education. The oil and gas sector is a significant part of Louisiana's history and economy, and dedicating funds to celebrate this heritage is perceived as a proactive measure. However, concerns may arise regarding the capped funding limit and its sufficiency in meeting the museum's long-term operational and capital outlay needs, reflecting a cautious outlook from some stakeholders.

Contention

While there is overall support for the establishment of the fund, discussions may focus on the implications of dedicating such a revenue stream specifically for museum funding at the expense of the general fund. Critics might argue that capping the revenues to $250,000 could limit the museum's growth and its ability to expand services or exhibits in the future, thus potentially stunting the museum's evolution and its capacity to engage with broader audiences.