Mandating Offshore Oil and Gas Leases: Increased Drilling, Lower Royalties.
This law mandates the Secretary of the Interior to hold at least 26 offshore oil and gas lease sales in the Gulf of Mexico and Alaska over a 10-year period. It lowers the minimum royalty rates companies pay to the federal government and deems specific existing environmental reviews sufficient, explicitly voiding certain mitigation measures for the Rice's whale (Balaenoptera ricei).
Key points
Mandated Lease Sales: Requires the government to conduct 26 lease sales over a decade (20 in the Gulf of America, 6 in the Cook Inlet Planning Area).
Lower Royalty Rates: The minimum royalty rate paid by drilling companies to the federal government is lowered from 16 2/3% to 12.5%.
Streamlined Environmental Compliance: The Act deems compliance with specific past biological opinions as sufficient for current laws and voids mitigation measures for the Rice's whale in the Gulf of America.
Status:
Introduced
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