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S. 2906: Stop Giving Big Oil Free Money Act

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About the bill

Should a 1995 financial break to incentivize offshore drilling still remain 24 years later?

Context

The Deep Water Royalty Relief Act of 1995 — part of a larger 1995 law dealing with energy production — attempted to spur oil drilling in the Gulf of Mexico, by offering companies temporary reprieves from the 12% royalty they were supposed to pay on the produced oil.

However, a clause supported across the aisle — which would have instituted the royalty payments if oil and gas prices exceeded a certain level — was accidentally omitted. Those price thresholds were exceeded years ago. Since then about $18 billion in would-be royalties were never paid.

What the legislation does

The Stop Giving Big Oil Free Money Act would close this quarter-century-old loophole, by banning the Interior Department from issuing any ...

Sponsor and status

Edward “Ed” Markey

Sponsor. Junior Senator for Massachusetts. Democrat.

Read Text »
Last Updated: Nov 20, 2019
Length: 6 pages
Introduced
Nov 20, 2019
116th Congress (2019–2021)
Status

Introduced on Nov 20, 2019

This bill is in the first stage of the legislative process. It was introduced into Congress on November 20, 2019. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Prognosis
3% chance of being enacted according to Skopos Labs (details)
Source

History

Nov 20, 2019
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
 
Passed Committee

 
Passed Senate

 
Passed House

 
Signed by the President

S. 2906 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 2906. This is the one from the 116th Congress.

How to cite this information.

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“S. 2906 — 116th Congress: Stop Giving Big Oil Free Money Act.” www.GovTrack.us. 2019. October 31, 2020 <https://www.govtrack.us/congress/bills/116/s2906>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.