S. 3146 would authorize the exploration of oil and natural gas in coastal areas to reduce the dependence of the United States on foreign energy sources, and to reduce gasoline and natural gas prices.
Detailed Summary
Energy Needed Offshore Under Gas Hikes Act - Allows the governor of a state, during any period in which the price of regular gasoline is equal to or greater than $5, with the concurrence of the state legislature, to petition the Secretary of the Interior to make a new producing area of the state eligible for: (1) oil leasing, gas leasing, or both, as determined by the state in accordance with the Outer Continental Shelf Lands Act and the Mineral Leasing Act; or (2) natural gas leasing only.
Requires the Secretary of the Treasury to deposit 45% of all rentals, royalties, bonus bids, and other sums due and payable to the United States from leases for new producing areas (qualified revenues) in the outer Continental Shelf into the general fund of the Treasury. Requires 55% of qualified revenues to be deposited into a special account in the Treasury, from which the Secretary shall disburse: (1) 37.5% to eligible producing states for new producing areas; (2) 12.5% to provide assistance to states in accordance with the Land and Water Conservation Fund Act of 1965; and (3) 5% to states for historic offshore production distribution.
Status of the Legislation
Latest Major Action: 6/18/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Energy and Natural Resources.
Points in Favor
(Log in to edit the wiki and be the first to show why the bill should pass!)
Points Against
(Log in to edit the wiki and be the first to show why the bill should not pass!)
Visitor Comments
There are currently no comments for this bill.