Supply Relief and Domestic Production Cost Reduction Act

(a) Definition of supply-Constrained basin. In this section, the term supply-constrained basin means a basin for which the Secretary of Energy, in consultation with the Secretary, has made a determination that—

(1) additional production from that basin would materially increase domestic supply;

(2) production from that basin is constrained by production costs, transportation constraints, lease economics, permitting delays, or field-service limitations; or

(3) production from that basin would materially reduce regional or national fuel prices.

(b) Expedited process

(1) Establishment. During a supply shortage period, the Secretary shall establish an expedited process for applicants to submit an application for royalty relief for Federal leases located in a supply-constrained basin.

(2) Application. An application submitted under paragraph (1) shall be in such form and contain such information as the Secretary may require.

(3) Deadline

(A) In general. Not later than 30 days after the date on which a complete application is submitted by an applicant under paragraph (1), the Secretary shall—

(i) approve or deny the application for relief; and

(ii) notify the applicant of the determination made under clause (i).

(B) Missed deadline approval. If the Secretary fails to approve or deny an application by the deadline under subparagraph (A), the application shall be considered approved for a period of 24 months.