That amounts to significant money only in states where there is a large amount of federal land and if you look at the issue of how the feds dispersed, or didn't disperse, these lands in the 19th and 20th century, you see a situation which is more egregious than the shelf. The fact that this land is not on the local tax base is more significant than the shelf and while these royalties may offset the loss of tax revenue, it is only slight.
These federal lands in the western states has also led to significant water and property rights issues. Under Bush/Norton, this has not been as much of a problem, but under Clinton/Babbit, it was severe. Remember the Sagebrush Rebellion? Remember how Clinton screwed Utah on the low sulpher coal beds in the Grand Staircase-Escalante?
No-one doubts that LA will eventually get federal money for restoration. However, it is advantagous to wait until restoration in Florida/Everglades has progressed far enough that the technology developed there can be applied to LA.
No-one disagrees that LA and other Coastal states deserve more OCS royalties. LA needs to stop spitting on everyone and develope allies. Tauzin's CARA Title One is a good example of how it should be done.
Reasonable argument. I would make one amendment though to your last sentence. That should read no "reasonable" people disagree, etc.
These threads are full of people saying Louisiana should get no royalties on offshore drilling.