Amends the Outer Continental Shelf Lands Act to instruct the Secretary of the Interior to agree to any lessee request to amend any lease issued as a result of a Central or Western Gulf of Mexico lease sale held between January 1, 1998, and December 31, 1999, to incorporate price thresholds applicable to certain royalty suspension provisions in the amount of $34.73 per barrel (2005 dollars) for oil and of $4.34 per million Btu (2005 dollars) for natural gas, adjusted for changes in the implicit price deflator.
Directs the Secretary to establish a conservation of resources fee for producing leases at $9 per barrel for oil and $1.25 per million Btu for gas (2006 dollars). Applies such fee only to leases issued with deep water royalty relief for which royalties are not being paid when prices exceed specified amounts per barrel.
Instructs the Secretary of the Treasury to deposit the royalty revenues in the Treasury, to be available to the Secretary of the Interior, without further appropriation, for FY2007-FY2016, for disbursement to Gulf producing states and coastal political subdivisions.
Expresses the intent of Congress: (1) that this Act result in a healthy and growing American industrial, manufacturing, transportation, and service sector employing America's workforce in the development of affordable energy from the OCS; and (2) to OCS monitor deployment of personnel and material to encourage development of American technology and manufacturing, as well as the establishment of important industrial facilities to support expanded access to American resources.