1. Short title
This Act may be cited as the “Oil and Gas Leasing Inflation Adjustment Act”.
Oil and Gas Leasing Inflation Adjustment Act
A BILL
To amend the Mineral Leasing Act to adjust minimum bids and annual rentals for oil and gas and tar sands leases to reflect inflation, and for other purposes.
2. adjustment of minimum bids and annual rentals for oil and gas and tar sands leases to reflect inflation
in subsection (b)(1)(B), by striking “$2 per acre” and inserting “$4 per acre”;
in subsection (b)(2)(C), by striking “$2 per acre” and inserting “$5 per acre”;
in subsection (d)—
by striking “$1.50 per acre” and inserting “$3 per acre”; and
by striking “$2 per acre” and inserting “$4 per acre”; and
by adding at the end the following:
“(q) Inflation adjustment
“(1) In general—The Secretary shall—
“(A) by regulation, at least once every 4 years, adjust each of the dollar amounts that applies under subsections (b)(1)(B), (b)(2)(C), and (d) by the cost-of-living adjustment; and
“(B) publish each such regulation in the Federal Register.
“(2) Definitions—In this subsection:
“(A) Cost-of-living adjustment—The term cost-of-living adjustment means the percentage (if any) for a dollar amount by which—
“(i) the Consumer Price Index for the month of June of the calendar year preceding the adjustment, exceeds
“(ii) the Consumer Price Index for the month of June of the calendar year in which the dollar amount was last set or adjusted pursuant to law.
“(B) Consumer Price Index—The term Consumer Price Index means the Consumer Price Index for all-urban consumers published by the Department of Labor.”
Conforming amendment— Section 17(b)(1)(B) of the Mineral Leasing Act (30 U.S.C. 226(b)(1)(B)) is amended beginning in the first sentence by striking “for a period” and all that follows through “Thereafter, the” and inserting “. The”.