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Full Text of this Amendment
table; as follows:
At the end of title VII, add the following:
SEC. 7__X. OIL AND NATURAL GAS LEASING IN NEW PRODUCING AREAS.
(a) Definitions.--In this section:
(1) ELIGIBLE PRODUCING STATE.--The term ``eligible producing State'' means--
(A) a new producing State; and
(B) any other producing State that has, within the offshore administrative boundaries beyond the submerged land of a State, areas available for oil leasing, natural gas leasing, or both.
(2) NEW PRODUCING AREA.--The term ``new producing area'' means an area that is--
(A) within the offshore administrative boundaries beyond the submerged land of a State; and
(B) not available for oil or natural gas leasing as of the date of enactment of this Act.
(3) NEW PRODUCING STATE.--The term ``new producing State'' means a State with respect to which a petition has been approved by the Secretary under subsection (b).
(4) QUALIFIED REVENUES.--The term ``qualified revenues'' means all rentals, royalties, bonus bids, and other sums due and payable to the United States from leases entered into on or after the date of enactment of this Act for new producing areas.
(5) SECRETARY.--The term ``Secretary'' means the Secretary of the Interior.
(b) Petition for Leasing New Producing Areas.--
(1) IN GENERAL.--Notwithstanding any other provision of law, during any period in which the West Texas Intermediate daily price of crude oil (in dollars per barrel) exceeds 190 percent of the annual price of crude oil (in dollars per barrel) for calendar year 2006, the Governor of a State, with the concurrence of the State legislature, may submit to the Secretary a petition requesting that the Secretary make a new producing area of the State eligible for oil leasing, gas leasing, or both,
as determined by the State, in accordance with the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) and the Mineral Leasing Act (30 U.S.C. 181 et seq.).
(2) NATURAL GAS LEASING ONLY.--The Governor of a State, with the concurrence of the State legislature, may, in a petition submitted under paragraph (1), make a request to allow natural gas leasing only.
(3) ACTION BY SECRETARY.--As soon as practicable after the date on which the Secretary receives a petition under paragraph (1), the Secretary shall approve or disapprove the petition.
(c) Disposition of Qualified Outer Continental Shelf Revenues From Eligible Producing States.--Notwithstanding section 9 of the Outer Continental Shelf Lands Act (43 U.S.C. 1338), for each applicable fiscal year, the Secretary of the Treasury shall deposit--
(1) 50 percent of qualified revenues in the general fund of the Treasury; and
(2) 50 percent of qualified revenues in a special account in the Treasury, from which the Secretary shall disburse--
(A) 37.5 percent to eligible producing States for new producing areas, to be allocated in accordance with subsection (d)(1); and
(B) 12.5 percent to provide financial assistance to States in accordance with section 6 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l-8).
(d) Allocation to Eligible Producing States.--
(1) IN GENERAL.--The amount made available under subsection (c)(2)(A) shall be allocated to eligible producing States in amounts (based on a formula established by the Secretary by regulation) that are inversely proportional to the respective distances between the point on the coastline of each eligible producing State that is closest to the geographic center of the applicable leased tract and the geographic center of the leased tract, as determined by the Secretary.
(2) USE.--Amounts allocated to an eligible producing State under subparagraph (A) shall be used to address the impacts of any oil and natural gas exploration and production activities under this section.
(e) Effect.--Nothing in this section affects--
(1) the amount of funds otherwise dedicated to the land and water conservation fund established under section 2 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l-5); or
(2) any authority that permits energy production under any other provision of law.
(As printed in the Congressional Record for the Senate on May 1, 2008.)