Stop Giving Big Oil Free Money Act

Bill 119 hr 2053, 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 existing leases. The renegotiation would require royalty payments if the prices of oil and natural gas reach certain specified thresholds.

The purpose of this bill is to ensure that companies operating in the Gulf of Mexico are paying their fair share in royalties when oil and gas prices are high. By requiring renegotiation of existing leases, the government aims to increase revenue from these resources and ensure that taxpayers are benefiting from the extraction of oil and gas in federal waters.

The bill does not seek to ban oil and gas production in the Gulf of Mexico altogether, but rather to ensure that companies are paying their fair share when prices are high. This legislation is aimed at promoting transparency and accountability in the oil and gas industry, and ensuring that the American public receives a fair return on the extraction of these valuable resources.