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Oil and Gas Leasing Changes: Ending Speculation, Ensuring Fair Value

This act changes the rules for leasing land for oil and gas extraction, introducing mandatory competitive bidding. This means the government must secure fair market value for leased areas, potentially impacting public revenue and energy prices in the long run.
Key points
All new onshore oil and gas leases must now go through a competitive bidding process, eliminating non-competitive methods.
The government must ensure it receives fair market value for leased land and extraction rights.
Leases will have a primary term of 10 years, with extensions possible if oil or gas production continues.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 117_S_2962
Sponsor: Sen. Hickenlooper, John W. [D-CO]
Process start date: 2021-10-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

COMPETES Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2962.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-07.

What are the main provisions?

Key points include:

  • All new onshore oil and gas leases must now go through a competitive bidding process, eliminating non-competitive methods.
  • The government must ensure it receives fair market value for leased land and extraction rights.
  • Leases will have a primary term of 10 years, with extensions possible if oil or gas production continues.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Hickenlooper, John W. [D-CO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Environment Economy Public Investments