Stop Giving Big Oil Free Money Act prohibits new oil or natural gas leases in the Gulf of Mexico unless existing leases are renegotiated.
The Stop Giving Big Oil Free Money Act mandates that the Secretary of the Interior cannot issue new oil or natural gas production leases in the Gulf of Mexico unless the lessee has renegotiated existing leases to require royalty payments when oil and natural gas prices meet or exceed specified thresholds. It also restricts the transfer of leases unless the new holder agrees to the same royalty payment terms. The act applies to leases issued between January 1, 1996, and November 28, 2000, and aims to ensure that oil companies contribute more when energy prices are high.
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