Taxpayer and Gas Price Relief Act of 2011

Bill: 112-hr-1748
Sponsor: Rep. Bishop, Timothy H. [D-NY-1]
Introduced: 2011-05-05 in the House
Policy area: Energy
Subjects: Accounting and auditing
Budget deficits and national debt
Business ethics
Business investment and capital
Civil actions and liability
Congressional oversight
Consumer affairs
Energy prices
Energy revenues and royalties
Energy storage, supplies, demand
Gulf of Mexico
Income tax deductions
Marine and coastal resources, fisheries
Oil and gas
Retail and wholesale trades
Strategic materials and reserves

Summary:
action_date: 2011-05-05
text: 
Taxpayer and Gas Price Relief Act of 2011 - Amends the Internal Revenue Code to deny major integrated oil companies: (1) a tax deduction for income attributable to producing, refining, processing, transporting, or distributing oil, gas, or primary products thereof; (2) the last-in, first-out inventory method; and (3) deductions for intangible drilling and development costs in the case of oil and gas wells.
 
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 certain lessees unless they have renegotiated covered leases to require the payment of royalties if the price of oil and natural gas is greater than or equal to specified OCSLA price thresholds.
 
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.
 
Federal Price Gouging Prevention Act - Makes it unlawful for any person, during a proclaimed international crisis affecting the oil market, to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; and (2) indicates the seller is taking unfair advantage of the circumstances of the crisis to increase prices unreasonably. Authorizes the President to issue such a proclamation. 
 
 Enhanced Supply and Price Reduction Act of 2011 or the Enhanced SPR Act - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy (DOE) to sell at least 30 million barrels of petroleum from the Strategic Petroleum Reserve (SPR) and acquire refined petroleum product. Requires the Secretary to deposit the cash proceeds from such sales into the SPR Petroleum Account. 
 
Authorizes the President to instruct the Secretary to drawdown and sell or exchange petroleum product in a specified amount from the SPR if a circumstance exists of such significance and scope that action would be warranted to address market manipulation or otherwise be in the public interest. 


Legislative actions:
action_date: 2011-05-16
text: Referred to the Subcommittee on Energy and Mineral Resources.
action_date: 2011-05-06
text: Referred to the Subcommittee on Commerce, Manufacturing, and Trade.
action_date: 2011-05-05
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2011-05-05
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2011-05-05
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2011-05-05
text: Introduced in House
action_date: 2011-05-05
text: Introduced in House