Deficit Reduction Through Fair Oil Royalties Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 April 2011

   Introduced

   Referred to the House Committee on Natural Resources.

   Source: IntroReferral

2. 4 April 2011

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 April 2011

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 April 2011

   Referred

   Referred to the Subcommittee on Energy and Mineral Resources.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 4 April 2011 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 April 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 4 April 2011

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 4 April 2011

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Rep. Holt, Rush [D-NJ-12] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Miller, George [D-CA-11] · D · Sponsor
• Rep. Capps, Lois [D-CA-24] · D · Sponsor
• Rep. Moran, James P. [D-VA-8] · D · Sponsor
• Del. Sablan, Gregorio Kilili Camacho [D-MP-At Large] · D · Cosponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• · hsii00 · Standing

Related records

• related to → Implementing the Recommendations of the BP Oil Spill Commission Act of 2011
• related to ← Taxpayer and Gas Price Relief Act of 2011
• related to ← Fair Payment for Energy and Mineral Production on Public Lands Act