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HR 2673 112th Congress House Public Lands and Natural Resources Budget deficits and national debt Energy revenues and royalties Gulf of Mexico Marine and coastal resources, fisheries Oil and gas

Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act

Introduced: July 27, 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
Jul 29, 2011
Referred to the Subcommittee on Energy and Mineral Resources.
Jul 27, 2011
Referred to the House Committee on Natural Resources.
Jul 27, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act - Amends the Gulf of Mexico Energy Security Act of 2006 to direct the Secretary of the Treasury to deposit: (1) 87.5% of qualified outer Continental Shelf (OCS) revenues into the general fund of the Treasury, and (2) 12.5 % of qualified OCS revenues in a special account in the Treasury to be disbursed 100% to provide financial assistance to states. Considers such funds income to the Land and Water Conservation Fund.

Requires rentals or royalties received by the United States from leases under such Act to be deposited into the Treasury and used for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt.

What's happening now July 29, 2011

Referred to the Subcommittee on Energy and Mineral Resources.

 Committees of jurisdiction 2