Stop Giving Big Oil Free Money Act

Hozzl · 2025-04-04T11:38:46Z

Explore the details of Senate Bill 1030 Stop Giving Big Oil Free Money Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Energy. Stay informed on legislative developments.

4/4/2025, 11:38 AM

Summary of Bill S 1030

Bill 119 s 1030, also known as the "Gulf of Mexico Royalty Payment Act," aims to prevent the Secretary of the Interior from granting new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to individuals or companies who do not renegotiate their current leases. The renegotiation would require these leaseholders to pay royalties if the prices of oil and natural gas reach certain predetermined thresholds.

The purpose of this bill is to ensure that leaseholders are fairly compensating the government for the extraction of these valuable resources when prices are high. By requiring renegotiation of leases to include royalty payments, the bill seeks to protect the interests of the American people and ensure that they receive a fair share of the profits generated from oil and gas production in the Gulf of Mexico.

In addition to the royalty payment requirement, the bill also includes provisions for other purposes related to the regulation of oil and gas production in the Gulf of Mexico. This legislation is intended to promote transparency, accountability, and fairness in the leasing and extraction of oil and natural gas resources on federal lands. Overall, Bill 119 s 1030 represents a significant step towards ensuring that the American people receive a fair return on the extraction of oil and natural gas resources in the Gulf of Mexico. It aims to hold leaseholders accountable for their obligations and promote responsible and sustainable energy development practices.

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Current Status of Bill S 1030

Bill S 1030 is currently in the status of Bill Introduced since March 13, 2025. Bill S 1030 was introduced during Congress 119 and was introduced to the Senate on March 13, 2025. Bill S 1030's most recent activity was Read twice and referred to the Committee on Energy and Natural Resources. as of March 13, 2025

Bipartisan Support of Bill S 1030

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1030

Primary Policy Focus

Energy

Alternate Title(s) of Bill S 1030

A bill to prohibit the Secretary of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to a person that does not renegotiate its existing leases in order to require royalty payments if oil and natural gas prices are greater than or equal to specified price thresholds, and for other purposes.A bill to prohibit the Secretary of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to a person that does not renegotiate its existing leases in order to require royalty payments if oil and natural gas prices are greater than or equal to specified price thresholds, and for other purposes.

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