II
109th CONGRESS
2d Session
S. 3760
IN THE SENATE OF THE UNITED STATES
July 27 (legislative day, July 26), 2006
Mr. Kyl (for himself and Mr. DeWine) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources
A BILL
To prohibit the suspension of royalties under certain circumstances and to clarify the authority to impose price thresholds for certain leases.
Short title
This Act may be cited as
the Royalty Relief Suspension Act of
2006
.
Royalty relief for production of oil and gas
Price thresholds
Notwithstanding any other provision of law, the
Secretary of the Interior (referred to in this Act as the
Secretary
) shall place limitations based on market price on the
royalty relief granted under any lease for the production of oil or natural gas
on Federal land (including submerged land) entered into by the Secretary on or
after the date of enactment of this Act.
Clarification of authority to impose price thresholds for certain lease sales
Congress reaffirms the authority of the Secretary under section 8(a)(1)(H) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(a)(1)(H)) to vary, based on the price of production from a lease, the suspension of royalties under any lease subject to section 304 of the Outer Continental Shelf Deep Water Royalty Relief Act (Public Law 104–58; 43 U.S.C. 1337 note).