H.R.3859 - Oil and Gas Leasing Inflation Adjustment Act113th Congress (2013-2014)
|Sponsor:||Rep. Lowenthal, Alan S. [D-CA-47] (Introduced 01/13/2014)|
|Committees:||House - Natural Resources|
|Latest Action:||01/15/2014 Referred to the Subcommittee on Energy and Mineral Resources.|
This bill has the status Introduced
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Summary: H.R.3859 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (01/13/2014)
Oil and Gas Leasing Inflation Adjustment Act - Amends the Mineral Leasing Act to increase from $2 per acre to $4 per acre the national minimum acceptable bid for oil and gas leases.
Increases from $2 per acre to $5 per acre the minimum acceptable bid for a tar sand lease.
Increases the annual rental of a lease from $1.50 per acre to $3 per acre for the first through the fifth year of the lease.
Increases the annual lease rental from $2 per acre to $4 per acre for each year after such fifth year.
Directs the Secretary of the Interior to make a cost-of-living adjustment of such dollar amounts at least once every four years and to publish each one in the Federal Register.