Domestic Oil and Gas Production and Preservation Act

Summary

TABLE OF CONTENTS: Title I: Tax Incentives for Oil and Gas Production Subtitle A: Production Credit Subtitle B: Modifications to Percentage Depletion Subtitle C: Other Provisions Title II: Regulatory Reform Subtitle A: Oil Pollution Act Amendments Subtitle B: Oil and Gas Royalties Subtitle C: Private Property Rights Subtitle D: Risk Assessments Title III: Repeal of Limitations on Exports Domestic Oil and Gas Production and Preservation Act - Title I: Tax Incentives for Oil and Gas Production - Subtitle A: Production Credit - Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from new wells and marginal wells. Provides: (1) a formula for reducing such credit in years in which oil and gas prices increase; and (2) an inflation adjustment for such formula. Allows such credit against the regular and minimum tax. Subtitle B: Modifications to Percentage Depletion - Repeals the net income limitation on percentage depletion for oil and gas properties. (Sec. 112) Makes all marginal production of domestic crude oil or domestic natural gas eligible for percentage depletion. (Sec. 114) Revises the percentage depletion rate for such marginal production. Subtitle C: Other Provisions - Allows the election to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, domestic oil or gas as expenses which are not chargeable to capital account. (Sec. 122) Makes the enhanced oil recovery credit applicable to secondary recovery methods. Allows such credit against the minimum tax. (Sec. 123) Allows the election of an optional five-year writeoff of intangible drilling costs for minimum tax purposes. Title II: Regulatory Reform - Subtitle A: Oil Pollution Act Amendments - Amends the Oil Pollution Act of 1990 to revise general financial responsibility requirements for offshore facilities. Requires responsible parties (except as provided in provisions regarding deepwater ports) to maintain financial responsibility as described by this Act with respect to offshore facilities seaward of the U.S. coastline that are used for drilling for, producing, or processing oil or that have the capacity to transport, store, transfer, or handle more than 1,000 barrels of oil at any one time. Requires the financial responsibility of an offshore facility to be $35 million, unless the President determines that a greater amount (not to exceed $150 million) is necessary based on an assessment of the risk posed by such facility. Subtitle B: Oil and Gas Royalties - Establishes a six-year statute of limitations on actions commenced by the United States for recovery of royalties due under an oil and gas lease on Federal lands unless a lessee has made a false or fraudulent statement with the intent to evade the royalties due. Subtitle C: Private Property Rights - Private Property Owners Bill of Rights - Provides for the protection of private property rights. (Sec. 235) Prohibits an agency head from entering privately owned property to collect information regarding it without the owner's written consent and specified notices. (Sec. 236) Sets forth conditions under which an agency head may use the data collected from privately owned property to implement or enforce any applicable provisions of law. (Sec. 237) Amends the Federal Water Pollution Control Act to grant a right to an administrative appeal of wetlands decisions. (Sec. 238) Amends the Endangered Species Act of 1973 to grant owners or their authorized representatives a right to an administrative appeal with regard to certain actions under that Act. (Sec. 239) Provides compensation for the taking of private property. (Sec. 240) Amends the Endangered Species Act of 1973 to provide for private property owner participation in cooperative agreements. Subtitle D: Risk Assessments - Requires each agency head to prepare a risk assessment, according to specified principles distinguishing scientific findings and best estimates of risk from other considerations, for each major rule relating to human health, safety, and natural resources. Requires the President, within one year after enactment of this Act, to issue a final regulation implementing such risk assessment and characterization principles. Provides for petitions for review of major rule risk assessments. Sets forth agency head decisional criteria and regulatory priorities. Directs the President to develop a systematic program for peer review of work products. Title III: Repeal of Limitations on Exports - Amends the Export Administration Act of 1979, the Mineral Lands Leasing Act, the Energy Policy and Conservation Act, and the Outer Continental Shelf Lands Act to repeal limitations on the export of domestically produced crude oil. (Sec. 301) Declares that the President may not prohibit or curtail the export of domestically produced crude oil other than crude oil produced from the naval petroleum reserves.

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• Introduced in Senate (text)

  Introduced in Senate · EN · 16 February 1995

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 February 1995

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• Introduced in Senate

  summary · EN · 16 February 1995

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