Deficit Reduction Through Fair Oil Royalties Act
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in senate (May 12, 2015)
Deficit Reduction Through Fair Oil Royalties Act
This bill prohibits the Department of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act unless they have been renegotiated to require royalty payments if the price of oil and natural gas is greater than or equal to specified price thresholds.
Rentals or royalties received by the United States under covered leases must be deposited in the Treasury and used for federal budget deficit reduction or, if there is no federal budget deficit, federal debt reduction.
Interior must agree to a lessee's request to amend a lease to incorporate price thresholds applicable to royalty suspension requirements that are equal to or less than certain statutory price thresholds if the lease was issued for any Central and Western Gulf of Mexico tract on or after January 1, 1996, through November 28, 2000.
What just happenedJun 9, 2015
Committee on Energy and Natural Resources. Hearings held.
Who’s behind it
- Introduced in SenateMay 12, 2015
- Jun 9, 2015Committee
Committee on Energy and Natural Resources. Hearings held.
Energy and Natural Resources Committee - May 12, 2015IntroReferral
Read twice and referred to the Committee on Energy and Natural Resources.
Energy and Natural Resources Committee - May 12, 2015IntroReferral10000
Introduced in Senate