Oil Shale and Tar Sand Development Act of 2005

Summary

Oil Shale and Tar Sand Development Act of 2005 - Establishes the Strategic Fuels Task Force to develop a five-year commercial development plan for strategic fuels (domestic and military fuels derived from strategic hydrocarbon resources, to be managed and developed under the guidance and authorities of the Strategic Petroleum Reserve). Requires the Task Force to direct the Office of Strategic Fuels (created by this Act) to formulate a five-year plan and coordinate with representatives of the Department of Defense (DOD) and the Department of the Interior to promote the development of strategic fuels by industry. Instructs the Secretary of the Interior to develop and manage comprehensive leasing programs for strategic fuels on federal land that address all stages of the leasing process from research and development to full commercial leasing. Amends the Mineral Leasing Act to increase from 50 cents per acre to $2.00 per acre the royalty owed to the United States for the privilege of mining, extracting, and disposing of oil or other minerals covered by a lease. Grants a preference right to lessees to lease a specified maximum of additional lands for commercial production facilities. Requires the reduction of royalties owed to the United States by specified percentages pegged to certain increases in the price of a barrel on the date on which the strategic fuel is sold until the project for extraction of strategic fuel reaches payback . Establishes the Office of Strategic Fuels to coordinate the creation and implementation of a commercial strategic fuel development program for the United States. Prescribes guidelines for DOD procurement of unconventional fuels derived from coal, oil shale, and tar sand. Amends the Internal Revenue Code to allow a deduction from gross income of qualified oil shale and oil sands technology expenditures.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 May 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 May 2005

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• Introduced in Senate

  summary · EN · 24 May 2005

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