H.R. 1352 (112th): Deficit Reduction Through Fair Oil Royalties Act

Introduced:
Apr 04, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Edward “Ed” Markey [D-MA7]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 4, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 04, 2011
Referred to Committee Apr 04, 2011
Cosponsors
8 cosponsors (8D) (show)
Committees

House Natural Resources

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

Full Title

To prohibit the Secretary of the Interior from issuing any new lease that authorizes the production of oil or natural gas under the Outer Continental Shelf Lands Act to a person that does not renegotiate existing leases held by the person to incorporate limitations on royalty relief based on market price that are equal to or less than price thresholds that apply to other leases under that Act, and for other purposes.

Summary

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Text

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Last updated Apr 04, 2011.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

4/4/2011--Introduced.
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.

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:

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