US Congress House Bill 1352 (Prior Session Legislation)

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April 7 2011 - Referred to the Subcommittee on Energy and Mineral Resources.
Pending: House Subcommittee on Energy and Mineral Resources Committee
Text: Latest bill text (Introduced) [PDF]

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.

Deficit Reduction Through Fair Oil Royalties Act

Rep Markey, Edward J.	Rep Capps, Lois	Rep Frank, Barney	Rep Hinchey, Maurice D.
Rep Holt, Rush D.	Rep Miller, George	Rep Moran, James P.	Rep Sablan, Gregorio Kilili Camacho
Rep Welch, Peter

Date	Chamber	Action
2011-04-07	House	Referred to the Subcommittee on Energy and Mineral Resources.
2011-04-04	House	Referred to the House Committee on Natural Resources.

HB501 (Related) 2011-02-25 - Referred to the Subcommittee on Workforce Protections.
HB1748 (Related) 2011-05-16 - Referred to the Subcommittee on Energy and Mineral Resources.
HB3446 (Related) 2011-12-05 - Referred to the Subcommittee on Energy and Mineral Resources.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN01352:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr1352ih/pdf/BILLS-112hr1352ih.pdf