Oil and Gas Leasing Inflation Adjustment Act

Bill: 113-hr-3859
Sponsor: full_name: Rep. Lowenthal, Alan S. [D-CA-47]
Introduced: 2014-01-13
Policy area: Energy
Subjects: Energy revenues and royalties

Inflation and prices

Oil and gas

Public contracts and procurement
Latest action: action_date: 2014-01-15
text: Referred to the Subcommittee on Energy and Mineral Resources.

Summaries:
action_date: 2014-01-13
action_desc: Introduced in House
text: <p>Oil and Gas Leasing Inflation Adjustment Act - Amends the Mineral Leasing Act to increase from $2 per acre to $4 per acre the national minimum acceptable bid for oil and gas leases.</p> <p>Increases from $2 per acre to $5 per acre the minimum acceptable bid for a tar sand lease.</p> <p>Increases the annual rental of a lease from $1.50 per acre to $3 per acre for the first through the fifth year of the lease. </p> <p>Increases the annual lease rental from $2 per acre to $4 per acre for each year after such fifth year.</p> <p>Directs the Secretary of the Interior to make a cost-of-living adjustment of such dollar amounts at least once every four years and to publish each one in the Federal Register.<BR> </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3859 IN THE HOUSE OF REPRESENTATIVES January 13, 2014 Mr. Lowenthal (for himself, Mr. DeFazio , and Mr. Holt ) introduced the following bill; which was referred to the Committee on Natural Resources A BILL To amend the Mineral Leasing Act to adjust minimum bids and annual rentals for oil and gas and tar sands leases to reflect inflation, and for other purposes.

1. Short title This Act may be cited as the Oil and Gas Leasing Inflation Adjustment Act . 2. adjustment of minimum bids and annual rentals for oil and gas and tar sands leases to reflect inflation (a) In general Section 17 of the Mineral Leasing Act ( 30 U.S.C. 226 ) is amended— (1) in subsection (b)(1)(B), by striking $2 per acre and inserting $4 per acre ; (2) in subsection (b)(2)(C), by striking $2 per acre and inserting $5 per acre ; (3) in subsection (d)— (A) by striking $1.50 per acre and inserting $3 per acre ; and (B) by striking $2 per acre and inserting $4 per acre ; and (4) by adding at the end the following: (q) Inflation adjustment (1) In general The Secretary shall— (A) by regulation, at least once every 4 years, adjust each of the dollar amounts that applies under subsections (b)(1)(B), (b)(2)(C), and (d) by the cost-of-living adjustment; and (B) publish each such regulation in the Federal Register. (2) Definitions In this subsection: (A) Cost-of-living adjustment The term cost-of-living adjustment means the percentage (if any) for a dollar amount by which— (i) the Consumer Price Index for the month of June of the calendar year preceding the adjustment, exceeds (ii) the Consumer Price Index for the month of June of the calendar year in which the dollar amount was last set or adjusted pursuant to law. (B) Consumer Price Index The term Consumer Price Index means the Consumer Price Index for all-urban consumers published by the Department of Labor. . (b) Conforming amendment Section 17(b)(1)(B) of the Mineral Leasing Act ( 30 U.S.C. 226(b)(1)(B) ) is amended beginning in the first sentence by striking for a period and all that follows through Thereafter, the and inserting . The .