Alaska’s senators introduced a bill Tuesday that would give the state equitable revenue sharing from energy development in its outer continental shelf.

The Alaska Offshore Parity Act would establish a revenue sharing program in regard to the continental shelf. The program would address infrastructure in coastal communities and mitigation for environmental effects. It also would ensure revenue for various other entities within the state, such as its university, according to a press release from Sen. Lisa Murkowski’s office.

“Offshore revenue sharing is a matter of simple fairness,” says Murkowski. “This legislation ensures that Alaskans receive a fair portion of the benefits that our resource-rich state provides.”

Sen. Dan Sullivan notes that developing the resources on Alaska’s OCS would grow the economy, bolster the national security, create new jobs, and fill the Trans-Alaska Pipeline.

“It is critical that we continue making strides toward responsibly developing these resources for the maximum benefit of Alaskans and all Americans, while protecting our marine ecosystem and coastal communities,” he says.

The OCS contains more than 27 billion barrels of oil and 131 trillion cubic feet of natural gas.

Currently, Alaska doesn’t receive any revenue from those resources’ development outside of the nearshore area of the OCS Lands Act. But Alaska and its communities are affected by the development and its potential effects.

It should share in the benefits realized from developing the OCS.