Offshore Lease Fairness Act - Amends the Outer Continental Shelf Lands Act to increase from 27% to 50% the revenues: (1) shared with states from leases within three miles of the coast line entered into after enactment of this Act; and (2) from energy-related activities for any lease, easement, or right-of-way granted after enactment of this Act.
Amends the Gulf of Mexico Energy Security Act of 2006 to redefine current qualified Outer Continental Shelf revenues as sums received by the United States from leases entered into between December 20, 2006, and the date of enactment of this Act.
Requires for FY2011 and each ensuing fiscal year that new outer Continental Shelf revenues be deposited: (1) 50% into the general fund of the Treasury; and (2) 50% into a special account in the Treasury for disbursement to coastal states by the Secretary of the Treasury.
Restricts allocation of new outer Continental Shelf revenues from leases in the Gulf of Mexico, the Atlantic Ocean, the Pacific Ocean, and the Arctic Ocean to states that are in, or border on, such specified geographical areas.
Prescribes requirements for the timing and administration of the disposition of revenues.