An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Royalty payments

A share of the money from selling oil or natural gas that drilling companies pay to the government for the right to extract resources from public lands or waters.

Lease

A legal agreement that grants a company the right to explore for and produce oil or natural gas in a specific area, usually for a set period and under certain conditions.

Royalty relief

A temporary suspension or reduction of royalty payments owed to the government, often granted to encourage drilling in difficult or expensive areas, like deep waters.

Outer Continental Shelf (OCS)

The submerged land and seabed beneath the ocean, extending seaward from the coastal state boundaries, where the federal government controls resource development, including oil and gas.

Price threshold

A specific market price for oil or natural gas; if prices reach or exceed this level, certain conditions, like royalty payments, might become active or change.

Secretary of the Interior

The head of the U.S. Department of the Interior, responsible for managing most federal lands and natural resources, including offshore oil and gas leases.