S. 115 (110th): Oil SENSE Act

Introduced:
Jan 04, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Barack Obama [D-IL]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on January 4, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 04, 2007
Referred to Committee Jan 04, 2007
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to suspend royalty relief, to repeal certain provisions of the Energy Policy Act of 2005, and to amend the Internal Revenue Code of 1986 to repeal certain tax incentives for the oil and gas industry.

Summary

No summaries available.

Text

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Last updated Jan 04, 2007.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/4/2007--Introduced.
Oil Subsidy Elimination for New Strategies on Energy Act or the Oil SENSE Act - Repeals provisions of the Energy Policy Act of 2005 relating to:
(1) incentives for production from marginal oil wells;
(2) incentives for natural gas production in the Gulf of Mexico;
(3) royalty relief for deep water production;
(4) Alaska offshore royalty suspension;
(5) the inventory of Outer Continental Shelf oil and natural gas resources;
(6) management of federal oil and gas leasing programs; and
(7) ultra-deepwater and unconventional natural gas and other petroleum resources.
Requires the Secretary of the Interior to:
(1) suspend royalty relief for producers of oil or natural gas on federal lands during periods in which oil and natural gas production is at certain levels; and
(2) renegotiate certain existing leases for oil and natural gas production on federal land.
Repeals provisions of the Internal Revenue Code relating to:
(1) the election to expense certain costs associated with liquid fuel refineries;
(2) accelerated depreciation of natural gas distribution lines and natural gas gathering lines; and
(3) accelerated amortization of geological and geophysical expenditures.
Reduces the daily barrel production requirement (from 75,000 to 50,000) applicable to small refiners eligible for the exemption from limitations on the oil and gas depletion allowance.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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  • Public Law 109-58

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 119 Stat. 794