U.S. Congress - H.R.2752 BLM Live Internet Auctions Act
H.R.2752 - BLM Live Internet Auctions Act
To amend the Mineral Leasing Act to authorize the Secretary of the Interior to conduct onshore oil and gas lease sales through Internet-based live lease sales, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Mineral Leasing Act to authorize the Secretary of the Interior to conduct onshore oil and gas lease sales through Internet-based live lease sales, and for other purposes. as introduced.
- Short: BLM Live Internet Auctions Act as introduced.
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Official Summary
1/18/2012--Reported to House amended. BLM Live Internet Auctions Act - Amends the Mineral Leasing Act to authorize the Secretary of the Interior to conduct onshore oil and gas lease sales through Internet-based bidding methods. Requires each individual Internet-based lease sale to be conclOfficial Summary
1/18/2012--Reported to House amended. BLM Live Internet Auctions Act - Amends the Mineral Leasing Act to authorize the Secretary of the Interior to conduct onshore oil and gas lease sales through Internet-based bidding methods. Requires each individual Internet-based lease sale to be concluded within seven days. Directs the Secretary to analyze and report on the first 10 such lease sales, including estimates of:(1) increases or decreases in such lease sales compared to sales conducted by oral bidding; and
(2) the total cost or savings to the Department of the Interior as a result of such sales, compared to sales conducted by oral bidding. Requires the report to evaluate the demonstrated or expected effectiveness of different structures for lease sales which may provide an opportunity to better maximize bidder participation, ensure the highest return to the federal taxpayers, minimize opportunities for fraud or collusion, and ensure the security and integrity of the leasing process.
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