Competitive Onshore Mineral Policy via Eliminating Taxpayer-Enabled Speculation Act or the COMPETES Act

This bill revises the process of leasing public land for oil and gas development. For example, it requires the Bureau of Land Management (BLM) to issue all onshore oil and gas leasing through a competitive bidding process.

Further, the BLM must ensure the receipt by the United States of fair market value for any land or resources leased and any rights covered by the United States.