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Ending Oil Company Tax Breaks: Higher Fees for Oil and Gas Extraction.

This bill aims to increase government revenue by requiring oil and gas companies to pay royalties when oil and gas prices are high. This means companies currently benefiting from royalty relief will need to renegotiate their existing leases to be eligible for new ones. In the long run, this could impact energy prices, although the direct impact on citizens is not immediate.
Key points
Oil and gas companies seeking new drilling permits in the Gulf of Mexico must pay royalties when oil and gas prices reach specified thresholds.
Existing leases without such royalty provisions must be renegotiated for companies to qualify for new permits or transfer existing ones.
The changes aim to boost government revenue from resource extraction, potentially impacting public finances.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2053
Sponsor: Rep. Grijalva, Raúl M. [D-AZ-7]
Process start date: 2025-03-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Stop Giving Big Oil Free Money Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_2053.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-03-11.

What are the main provisions?

Key points include:

  • Oil and gas companies seeking new drilling permits in the Gulf of Mexico must pay royalties when oil and gas prices reach specified thresholds.
  • Existing leases without such royalty provisions must be renegotiated for companies to qualify for new permits or transfer existing ones.
  • The changes aim to boost government revenue from resource extraction, potentially impacting public finances.
What is the specific legal status?

The current status is Introduced.

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 Rep. Grijalva, Raúl M. [D-AZ-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Natural Resources.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Economy Environment Taxes