S.Amdt. 5247

SA 5247. Mr. DeMINT submitted an amendment intended to be proposed to amendment SA 5135 submitted by Mr. Bingaman (for himself, Mr. Reid, Mr. Schumer, Mr. Salazar, Mr. Dorgan, Mr. Durbin, Mr. Kerry, Ms. Stabenow, Mr. Whitehouse, Mrs. Clinton, Mrs. Murray, Mr. Lieberman, Mr. Nelson of Florida, and Ms. Klobuchar) and intended to be proposed to the bill S. 3268, to amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities, and for other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle A of title II, add the following:

SEC. 205. EFFECT OF SUBMISSION OF COMPLETE APPLICATION FOR PERMIT TO PRODUCE OIL OR NATURAL GAS.

(a) In General.--Notwithstanding any other provision of this Act, the lessee of any lease that authorizes exploration for, or production of, oil or natural gas under a provision of law described in subsection (b) shall be held harmless--

(1) if the lessee submits to the Secretary of the Interior 1 or more complete applications for a permit to produce oil or natural gas under the lease; and

(2) until--

(A) each of the applications is accepted or denied by the Secretary; and

(B) until all actions filed against the lessee for the exploration or production under the lease are resolved.

(b) Covered Provisions.--Subsection (a) shall apply to--

(1) section 17 of the Mineral Leasing Act (30 U.S.C. 226);

(2) the Mineral Leasing Act for Acquired Lands (30 U.S.C. 351 et seq.);

(3) the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.); and

(4) any other law that authorizes the issuance of oil or gas leases on Federal land or submerged land.