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HR 1352 112th Congress House Public Lands and Natural Resources Budget deficits and national debt Energy prices Energy revenues and royalties Gulf of Mexico Marine and coastal resources, fisheries Oil and gas

Deficit Reduction Through Fair Oil Royalties Act

Introduced: April 4, 2011 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 7, 2011
Referred to the Subcommittee on Energy and Mineral Resources.
Apr 4, 2011
Referred to the House Committee on Natural Resources.
Apr 4, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Deficit Reduction Through Fair Oil Royalties Act - Prohibits the Secretary of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act (OCSLA) to a person that does not renegotiate its existing leases in order to require royalty payments if oil and natural gas prices are greater than or equal to specified price thresholds.

Authorizes the Secretary, in the case of multiple lessees, to implement a separate agreement modifying payment responsibilities (including such price thresholds) with any lessee that owns a lease share. Prescribes analogous requirements for lease transfers.

Requires rentals or royalties received by the United States to be deposited in the Treasury for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt.

Directs the Secretary to agree to a lessee's request to amend any lease issued for any Central and Western Gulf of Mexico tract in the period of January 1, 1996, through November 28, 2000, to incorporate price thresholds applicable to royalty suspension requirements that are equal to or less than the price thresholds specified under OCSLA.

What's happening now April 7, 2011

Referred to the Subcommittee on Energy and Mineral Resources.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1