Offshore Leasing Standards and Accountability Act of 2026

This bill would change federal law for offshore oil and gas leasing. The Interior Department could not issue, extend, or approve the transfer of an offshore oil or gas lease unless the company is certified as fit to operate, based on its safety and environmental record, finances, credit rating, and bankruptcy history, with yearly checks and penalties for companies that fall out of compliance. Leaseholders would have to pay into an interest-bearing escrow account until it covers the full estimated cost of shutting down and cleaning up their wells and platforms, reaching that amount within 5 years. The bill would also limit how long an oil well can be placed in temporary abandonment to 3 years, with one possible extension to 5 years.

Full text and official record on Congress.gov

Sponsors

• Dave Min Democrat sponsor
• 18 cosponsors