S. 5458

Supply Relief and Domestic Production Cost Reduction Act

Sponsor: Tom Cotton · 0 cosponsors

Follow this bill

Official summary

No official summary yet.

Text of the bill

Expand all

I Supply shortage determination

II Federal royalty and lease payment relief

III Federal lease terms

Sec. 301. Lease term extensions

(a) In general. During a supply shortage period, the Secretary shall extend by 2 years the primary term of any oil or gas lease if production, drilling, completion, or related operations were delayed by—

(1) Federal permitting delay;

(2) administrative protest;

(3) litigation;

(4) supply-chain disruption;

(5) lack of field-service availability;

(6) delay in obtaining a Federal right-of-way or other Federal authorization; or

(7) any other cause outside the reasonable control of the lessee.

(b) No additional payment. An extension under subsection (a) shall not require the payment of any additional bonus, rental, fee, or other consideration not otherwise required under the lease.

IV Consumer cost and supply accountability