US Congress Senate Bill 1310 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 12 2015 - 25% progression, died in chamber
Action: 2015-06-09 - Committee on Energy and Natural Resources. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Deficit Reduction Through Fair Oil Royalties Act This bill prohibits the Department of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act unless they have been renegotiated to require royalty payments if the price of oil and natural gas is greater than or equal to specified price thresholds. Rentals or royalties received by the United States under covered leases must be deposited in the Treasury and used for federal budget deficit reduction or, if there is no federal budget deficit, federal debt reduction. Interior must agree to a lessee's request to amend a lease to incorporate price thresholds applicable to royalty suspension requirements that are equal to or less than certain statutory price thresholds if the lease was issued for any Central and Western Gulf of Mexico tract on or after January 1, 1996, through November 28, 2000.

Deficit Reduction Through Fair Oil Royalties Act

Sen. Edward Markey [D-MA]

Date	Chamber	Action
2015-06-09	Senate	Committee on Energy and Natural Resources. Hearings held.
2015-05-12	Senate	Read twice and referred to the Committee on Energy and Natural Resources.

SB844 (Related) 2015-03-24 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/1310/all-info
Text	https://www.congress.gov/114/bills/s1310/BILLS-114s1310is.pdf