Domestic Energy Crisis Relief Act

To provide solutions to the United States energy crisis, and for other purposes. 1. Short title This Act may be cited as the Domestic Energy Crisis Relief Act 2. Sense of the Senate relating to lowering energy prices for American families It is the sense of the Senate that the Federal Government should implement policies to lower energy prices for American families and to ensure the resiliency and energy independence of the United States by revising the regulatory agenda and legislative priorities of the Biden Administration that relate to domestic oil and gas development, such as by— (1) supporting the development of additional oil and gas pipelines to the United States, such as the Keystone XL Pipeline; (2) following Federal law and the intent of Congress by imposing sanctions on Nord Stream 2 AG and all individuals and entities involved in the planning, construction, or operation of the Nord Stream 2 Pipeline; (3) withdrawing from the Paris Climate Agreement; (4) complying with the Outer Continental Shelf Lands Act ( 43 U.S.C. 1331 et seq. (5) revising section 208 of Executive Order 14008 (86 Fed. Reg. 7624 (February 1, 2021); relating to tackling the climate crisis at home and abroad) to allow oil and gas leases in the Gulf of Mexico and other offshore and onshore Federal areas. 3. Oil and gas leasing (a) In general The Secretary of the Interior shall immediately resume oil and gas lease sales on Federal land in compliance with the Mineral Leasing Act ( 30 U.S.C. 181 et seq. (b) Prohibition The President shall not, through Executive order or any other administrative procedure, pause, cancel, delay, defer, or otherwise impede or circumvent the Federal energy mineral leasing processes under the Mineral Leasing Act ( 30 U.S.C. 181 et seq. 43 U.S.C. 1331 et seq. Administrative Procedure Act 4. Authorization of Keystone pipeline (a) In general TransCanada Keystone Pipeline, L.P. may construct, connect, operate, and maintain pipeline facilities at the international border of the United States and Canada in Phillips County, Montana, for the import of oil from Canada to the United States as described in the Presidential Permit of March 29, 2019 (84 Fed. Reg. 13101 (April 3, 2019)). (b) No Presidential permit required No Presidential permit (or similar permit) under any Executive order shall be required for the construction, connection, operation, or maintenance of the pipeline facilities described in subsection (a). 5. Federal share of certain oil and gas projects (a) Definition of covered project In this section, the term covered project (b) Federal share With respect to a covered project carried out jointly by a State and the Secretary of the Interior, the Federal share of the cost of the covered project shall be not less than 50 percent. 6. Use of United States workers and equipment manufactured in the United States When practicable, the Secretary of the Interior shall encourage the use of United States workers and equipment manufactured in the United States in all construction activities carried out by the Secretary relating to mineral resource development. 7. Report on international regulation of energy commodity futures and derivatives (a) In general The Commodity Futures Trading Commission shall conduct a study on the international regime for regulating trading in energy commodity futures and derivatives. (b) Analysis The study conducted under subsection (a) shall include an analysis of, at a minimum— (1) key common features and differences among countries in the regulation of energy commodity trading, including with respect to market oversight and enforcement; (2) agreements and practices for sharing market and trading data; (3) the use of position limits or thresholds to detect and prevent price manipulation, excessive speculation described in section 4a(a) of the Commodity Exchange Act ( 7 U.S.C. 6a(a) (4) practices regarding the identification of commercial and noncommercial trading and the extent of market speculation; and (5) agreements and practices for facilitating international cooperation on market oversight, compliance, and enforcement. (c) Report Not later than 120 days after the date of enactment of this Act, the Commodity Futures Trading Commission shall submit to the Committee on Agriculture, Nutrition, and Forestry of the Senate Committee on Agriculture of the House of Representatives (1) describes the results of the study conducted under that subsection; and (2) provides recommendations to improve openness, transparency, and other necessary elements of a properly functioning market. 8. Reporting and recordkeeping (a) In general Section 4g of the Commodity Exchange Act ( 7 U.S.C. 6g (g) Index traders and swap dealers The Commission shall— (1) not later than 180 days after the date of enactment of this subsection, issue a proposed rule regarding routine reporting requirements for index traders (as defined by the Commission) and swap dealers in energy and agricultural transactions (as defined by the Commission) within the jurisdiction of the Commission; (2) not later than 270 days after the date of enactment of this subsection, issue a final rule regarding the reporting requirements described in paragraph (1); and (3) subject to section 8, disaggregate and make publicly available monthly information on the positions and value of index funds and other passive, long-only positions in the energy and agricultural futures markets (as defined by the Commission). . (b) Report Not later than 90 days after the date of enactment of this Act, the Commodity Futures Trading Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing— (1) the scope of commodity index trading in the futures markets; (2) whether classification of index traders and swap dealers in the futures markets can be improved for regulatory and reporting purposes; and (3) whether, based on a review of the trading practices for index traders in the futures markets— (A) index trading activity is adversely impacting the price discovery process in the futures markets; and (B) different practices and controls should be required. 9. Hiring of employees for improved oversight and enforcement As soon as practicable after the date of enactment of this Act, the Commodity Futures Trading Commission shall hire not fewer than 50 additional full-time employees— (1) to increase the public transparency of operations in energy futures markets; (2) to improve enforcement in those markets; and (3) to carry out such other duties as the Commission determines to be appropriate. 10. Gulf of Mexico outer Continental Shelf revenues (a) Definition of qualified outer Continental Shelf revenues Section 102(9)(A) of the Gulf of Mexico Energy Security Act of 2006 ( 43 U.S.C. 1331 Public Law 109–432 (1) in clause (i)(II), by striking and (2) in clause (ii)— (A) in the matter preceding subclause (I), by striking fiscal year 2017 and each fiscal year thereafter each of fiscal years 2017 through 2021 (B) in subclause (III), by striking the period and inserting ; and (3) by adding at the end the following: (iii) in the case of fiscal year 2022 and each fiscal year thereafter, all rentals, royalties, bonus bids, and other sums due and payable to the United States received on or after October 1, 2021, from leases entered into on or after October 1, 2000, for— (I) the 181 Area; (II) the 181 South Area; and (III) the 2002–2007 planning area. . (b) Disposition of qualified outer Continental Shelf revenues (1) In general Section 105(a) of the Gulf of Mexico Energy Security Act of 2006 ( 43 U.S.C. 1331 Public Law 109–432 (A) in paragraph (1), by striking 50 37.5 (B) in paragraph (2)— (i) in the matter preceding subparagraph (A), by striking 50 62.5 (ii) in subparagraph (A), by striking 75 80 (iii) in subparagraph (B), by striking 25 20 (2) Limitations on amount of distributed qualified outer Continental Shelf revenues Section 105(f) of the Gulf of Mexico Energy Security Act of 2006 ( 43 U.S.C. 1331 Public Law 109–432 (A) in paragraph (1)— (i) in subparagraph (A), by adding and (ii) in subparagraph (B), by striking ; and (iii) by striking subparagraph (C); and (B) in paragraph (2), by striking 2055 2021 (c) Exemption of certain payments from sequestration (1) In general Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 905(g)(1)(A) Payments to Social Security Trust Funds (28–0404–0–1–651). Payments to States pursuant to section 105(a)(2)(A) of the Gulf of Mexico Energy Security Act of 2006 ( Public Law 109–432 43 U.S.C. 1331 . (2) Applicability The amendment made by this subsection shall apply to any sequestration order issued under the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq.

Summary: Domestic Energy Crisis Relief Act This bill sets forth provisions to increase the development of energy, including by (1) directing the Department of the Interior to conduct certain lease sales of federal lands and waters for the development of oil and gas, (2) authorizing the TransCanada Keystone Pipeline, (3) limiting delays on federal oil and gas leases; and (4) increasing the amount of revenue generated from oil and gas leases that is shared with certain states and coastal communities.