Directs the Secretaries to annually update the schedules of linear rights-of-way under their respective jurisdictions by a specified method using the Gross National Product Implicit Price Deflator Index.
Requires the Secretaries to review the zones and rental per acre figures whenever the cumulative change in the index exceeds 30 percent, or whenever the change in the 3-year average of the 1-year Treasury interest rate used to determine per acre rental fee zone values exceeds plus or minus 50 percent. Authorizes the Secretaries to revise the base zones and rental fees if the value of Federal land differs sufficiently from the index to warrant such action.
Amends the Mineral Leasing Act to direct the Secretary of the Interior or appropriate agency heads to use the same valuation method as in the Federal Land Policy and Management Act of 1976 (as revised by this Act) to calculate the value of rights-of-way for pipeline passage.