Taxpayer Relief from Big Oil Act

This bill would repeal a 2005 federal law that provides royalty relief for certain oil and gas production in the Gulf of Mexico, and would cancel regulations issued under it. It would also remove royalty relief provisions for offshore Alaska planning areas and for the National Petroleum Reserve in Alaska. Federal land and ocean energy agencies would have to report to Congress each year on royalty relief applications, approvals, wells, production, and revenue. The Interior Department would have to set standard transportation allowances used in calculating oil and gas royalties, capped at the lower of 30 percent of the oil and gas value or actual and reasonable transportation costs.

Full text and official record on Congress.gov

Sponsors

• Maxine Dexter Democrat sponsor
• 19 cosponsors