A Democratic bill with 3 Democratic cosponsors · See all 4 cosponsors
Last activity — Read twice and referred to the Committee on Energy and Natural Resources.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, titled the "Stop Giving Big Oil Free Money Act," aims to change how oil and gas leases work in the Gulf of Mexico. It prohibits the Secretary of the Interior from issuing new production leases to certain people or entities unless they renegotiate their existing "covered leases." These renegotiations must require royalty payments when oil and gas prices reach specific price thresholds. The bill also restricts the ability of certain parties to buy or transfer these leases without meeting these new requirements. Finally, it directs the Secretary to agree to lease amendments that include these new price thresholds for specific tracts.
Who it would affect, and how
Potential Positive Impacts for People
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Requirement of Royalty Payments: The bill seeks to modify payment responsibilities so that royalties are required when oil and gas prices hit certain price thresholds (Section 2(b)(1)). This could result in more money being paid when prices are high.
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Lease Amendment Process: The Secretary of the Interior is directed to agree to requests to amend leases for specific Central and Western Gulf of Mexico tracts to include these price thresholds (Section 3(a)). This provides a mechanism to update older lease terms.
Potential Negative Impacts for People
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Restrictions on New Leases: The Secretary is prohibited from issuing new oil or natural gas production leases to any person who holds a "covered lease" unless they first renegotiate their existing terms (Section 2(b)(1)). This creates a prerequisite for obtaining new business.
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Limitations on Lease Transfers: A person or entity cannot obtain a covered lease through sale, transfer, swap, or spinoff unless they have renegotiated their leases or entered into an agreement with the Secretary to modify the terms (Section 2(c)). This restricts the ability of entities to trade or move lease interests.
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Mandatory Price Thresholds: Under the amended terms, leases will be subject to price thresholds that are equal to or less than the thresholds described in the Outer Continental Shelf Lands Act (Section 3(a)). These thresholds would become effective on October 1, 2026 (Section 3(b)).
- 3/13/2025
- Read twice and referred to the Committee on Energy and Natural Resources.
- 4 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Jeff MerkleyDemocrat · Oregon
Bernie SandersIndependent · Vermont
Chris Van HollenDemocrat · Maryland
Peter WelchDemocrat · Vermont