Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Deficit Reduction Through Fair Oil
Royalties Act''.

SEC. 2. ELIGIBILITY FOR NEW LEASES AND THE TRANSFER OF LEASES.

(a) 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 Secretary under section 304 of
the Outer Continental Shelf Deep Water Royalty Relief
Act (43 U.S.C. 1337 note; Public Law 104-58); and
(C) not subject to limitations on royalty relief
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.
(b) Issuance of New Leases.--
(1) In general.--The Secretary shall not issue any new
lease that authorizes the production of oil or natural gas
under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et
seq.) to a person described in paragraph (2) unless the person
has renegotiated each covered lease with respect to which the
person is a lessee, to modify the payment responsibilities of
the person to require the payment of royalties if the price of
oil and natural gas is greater than or equal to 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) Persons described.--A person referred to in paragraph
(1) is--
(A) a lessee that--
(i) holds a covered lease on the date on
which the Secretary considers the issuance of
the new lease; or
(ii) was issued a covered lease before the
date of enactment of this Act, but transferred
the covered lease to another person or entity
(including a subsidiary or affiliate of the
lessee) after the date of enactment of this
Act; or
(B) any other person that has any direct or
indirect interest in, or that derives any benefit from,
a covered lease.
(3) Multiple lessees.--
(A) In general.--For purposes of paragraph (1), if
there are multiple lessees that own a share of a
covered lease, the Secretary may implement separate
agreements with any lessee with a share of the covered
lease that modifies the payment responsibilities with
respect to the share of the lessee to include price
thresholds 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)).
(B) Treatment of share as covered lease.--Beginning
on the effective date of an agreement under
subparagraph (A), any share subject to the agreement
shall not constitute a covered lease with respect to
any lessees that entered into the agreement.
(c) Transfers.--A lessee or any other person who has any direct or
indirect interest in, or who derives a benefit from, a lease shall not
be eligible to obtain by sale or other transfer (including through a
swap, spinoff, servicing, or other agreement) any covered lease, the
economic benefit of any covered lease, or any other lease for the
production of oil or natural gas in the Gulf of Mexico under the Outer
Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), unless the lessee
or other person--
(1) has renegotiated each covered lease with respect to
which the lessee or person is a lessee, to modify the payment
responsibilities of the lessee or person to include price
thresholds 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)); or
(2) has entered into an agreement with the Secretary 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)).
(d) 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--
(1) Federal budget deficit reduction; or
(2) if there is no Federal budget deficit, reducing the
Federal debt in such manner as the Secretary of the Treasury
considers appropriate.

SEC. 3. PRICE THRESHOLDS FOR ROYALTY SUSPENSION PROVISIONS.

(a) In General.--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 during 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)).
(b) New or Revised Price Thresholds.--An amended lease under
subsection (a) shall impose the new or revised price thresholds
effective on October 1, 2015.
(c) Existing Lease Provisions.--Lease provisions in effect on the
date of enactment of this Act shall prevail through September 30, 2015.
Solution:
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.