(2) entered into an agreement with the Sec-
retary to modify the terms of all covered leases of 
the lessee or other person to include limitations on 
royalty relief based on market prices that are equal 
to or less than the price thresholds described in 
clauses (v) through (vii) of section 8(a)(3)(C) of the 
Outer Continental Shelf Lands Act (43 U.S.C. 
1337(a)(3)(C)). 
(c) USE OF AMOUNTS FOR DEFICIT REDUCTION.— 
Notwithstanding any other provision of law, any amounts 
received by the United States as rentals or royalties under 
covered leases shall be deposited in the Treasury and used 
for Federal budget deficit reduction or, if there is no Fed-
eral budget deficit, for reducing the Federal debt in such 
manner as the Secretary of the Treasury considers appro-
priate. 
(d) DEFINITIONS.—In this section— 
(1) COVERED
LEASE.—The term ‘‘covered 
lease’’ means a lease for oil or gas production in the 
Gulf of Mexico that is— 
(A) in existence on the date of enactment 
of this Act; 
(B) issued by the Department of the Inte-
rior under section 304 of the Outer Continental 
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Shelf Deep Water Royalty Relief Act (43 
U.S.C. 1337 note; Public Law 104–58); and 
(C) not subject to limitations on royalty re-
lief based on market price that are equal to or 
less than the price thresholds described in 
clauses (v) through (vii) of section 8(a)(3)(C) of 
the Outer Continental Shelf Lands Act (43 
U.S.C. 1337(a)(3)(C)). 
(2) LESSEE.—The term ‘‘lessee’’ includes any 
person or other entity that controls, is controlled by, 
or is in or under common control with, a lessee. 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Interior. 
SEC. 203. PRICE THRESHOLDS FOR ROYALTY SUSPENSION 
PROVISIONS. 
The Secretary of the Interior shall agree to a request 
by any lessee 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 provisions, that 
are equal to or less than the price thresholds described 
in clauses (v) through (vii) of section 8(a)(3)(C) of the 
Outer 
Continental 
Shelf 
Lands 
Act 
(43 
U.S.C. 
1337(a)(3)(C)). Any amended lease shall impose the new 
or revised price thresholds effective October 1, 2011. Ex-
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isting lease provisions shall prevail through September 30, 
2011. 
TITLE III—PROTECTION FROM 
PRICE GOUGING 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘Federal Price Gouging 
Prevention Act’’. 
SEC. 302. UNCONSCIONABLE PRICING OF GASOLINE AND 
OTHER PETROLEUM DISTILLATES DURING 
EMERGENCIES. 
(a) UNCONSCIONABLE PRICING.— 
(1) IN GENERAL.—It shall be unlawful for any 
person to sell, at wholesale or at retail in an area 
and during a period of an international crisis affect-
ing the oil markets proclaimed under paragraph (2), 
gasoline or any other petroleum distillate covered by 
a proclamation issued under paragraph (2) at a 
price that— 
(A) is unconscionably excessive; and 
(B) indicates the seller is taking unfair ad-
vantage of the circumstances related to an 
international crisis to increase prices unreason-
ably. 
(2) ENERGY EMERGENCY PROCLAMATION.— 
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(A) IN
GENERAL.—The President may 
issue a proclamation of an international crisis 
affecting the oil markets and may designate any 
area within the jurisdiction of the United 
States, where the prohibition in paragraph (1) 
shall apply. The proclamation shall state the ge-
ographic area covered, the gasoline or other pe-
troleum distillate covered, and the time period 
that such proclamation shall be in effect. 
(B) DURATION.—The proclamation— 
(i) may not apply for a period of more 
than 30 consecutive days, but may be re-
newed for such consecutive periods, each 
not to exceed 30 days, as the President de-
termines appropriate; and 
(ii) may include a period of time not 
to exceed 1 week preceding a reasonably 
foreseeable emergency. 
(3) FACTORS
CONSIDERED.—In determining 
whether a person has violated paragraph (1), there 
shall be taken into account, among other factors— 
(A) whether the amount charged by such 
person for the applicable gasoline or other pe-
troleum distillate at a particular location in an 
area covered by a proclamation issued under 
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paragraph (2) during the period such proclama-
tion is in effect— 
(i) grossly exceeds the average price 
at which the applicable gasoline or other 
petroleum distillate was offered for sale by 
that person during the 30 days prior to 
such proclamation; 
(ii) grossly exceeds the price at which 
the same or similar gasoline or other pe-
troleum distillate was readily obtainable in 
the same area from other competing sellers 
during the same period; 
(iii) reasonably reflected additional 
costs, not within the control of that person, 
that were paid, incurred, or reasonably an-
ticipated by that person, or reflected addi-
tional risks taken by that person to 
produce, distribute, obtain, or sell such 
product under the circumstances; and 
(iv) was substantially attributable to 
local, regional, national, or international 
market conditions; and 
(B) whether the quantity of gasoline or 
other petroleum distillate the person produced, 
distributed, or sold in an area covered by a 
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