Oil SENSE Act
Latest action · Jan 4, 2007 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 4, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Oil Subsidy Elimination for New Strategies on Energy Act or the Oil SENSE Act - Repeals provisions of the Energy Policy Act of 2005 relating to: (1) incentives for production from marginal oil wells; (2) incentives for natural gas production in the Gulf of Mexico; (3) royalty relief for deep water production; (4) Alaska offshore royalty suspension; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) management of federal oil and gas leasing programs; and (7) ultra-deepwater and unconventional natural gas and other petroleum resources.
Requires the Secretary of the Interior to: (1) suspend royalty relief for producers of oil or natural gas on federal lands during periods in which oil and natural gas production is at certain levels; and (2) renegotiate certain existing leases for oil and natural gas production on federal land.
Repeals provisions of the Internal Revenue Code relating to: (1) the election to expense certain costs associated with liquid fuel refineries; (2) accelerated depreciation of natural gas distribution lines and natural gas gathering lines; and (3) accelerated amortization of geological and geophysical expenditures. Reduces the daily barrel production requirement (from 75,000 to 50,000) applicable to small refiners eligible for the exemption from limitations on the oil and gas depletion allowance.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jan 4, 2007Introduced in Senate
- Jan 4, 2007Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Energy.
- Alaska
- Commerce
- Continental shelf
- Depletion allowances
- Depreciation and amortization
- Economics and Public Finance
- Energy
- Energy prices
- Energy transportation
- Gas in submerged lands
- Gas industry
- Geology
- Geophysical prediction
- Gulf of Mexico
- Income tax
- Indexing (Economic policy)
- Marine and coastal resources, fisheries
- Natural gas
- Oil and gas leases
- Oil and gas royalties
- Oil well drilling
- Petroleum in submerged lands
- Petroleum industry
- Petroleum refineries
- Pipelines
- Prospecting
- Public Lands and Natural Resources
- Tax deductions
- Taxation
- Transportation and Public Works
Text 1
Each version as it was printed, newest first.
- Jan 4, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.