H.R.1748 - Taxpayer and Gas Price Relief Act of 2011

To provide consumers relief from high gas prices, and for other purposes. view all titles (6)

All Bill Titles

  • Official: To provide consumers relief from high gas prices, and for other purposes. as introduced.
  • Short: Taxpayer and Gas Price Relief Act of 2011 as introduced.
  • Short: Deficit Reduction Through Fair Oil Royalties Act as introduced.
  • Short: Enhanced SPR Act as introduced.
  • Short: Enhanced Supply and Price Reduction Act of 2011 as introduced.
  • Short: Federal Price Gouging Prevention Act as introduced.

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Bill’s Views

  • Today: 2
  • Past Seven Days: 2
  • All-Time: 2,861
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/05/11
 
 
 
 
 
 
 

Sponsor

Representative

Timothy Bishop

D-NY

View Co-Sponsors (19)

Official Summary

Taxpayer and Gas Price Relief Act of 2011 - Amends the Internal Revenue Code to deny major integrated oil companies: (1) a tax deduction for income attributable to producing, refining, processing, transporting, or distributing oil, gas, or primary products thereof; (2) the last-in, first-ou

Official Summary

Taxpayer and Gas Price Relief Act of 2011 - Amends the Internal Revenue Code to deny major integrated oil companies:
(1) a tax deduction for income attributable to producing, refining, processing, transporting, or distributing oil, gas, or primary products thereof;
(2) the last-in, first-out inventory method; and
(3) deductions for intangible drilling and development costs in the case of oil and gas wells. Deficit Reduction Through Fair Oil Royalties Act - Prohibits the Secretary of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act (OCSLA) to certain lessees unless they have renegotiated covered leases to require the payment of royalties if the price of oil and natural gas is greater than or equal to specified OCSLA price thresholds. Requires rentals or royalties received by the United States to be deposited in the Treasury for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt. Directs the Secretary to agree to a lessee's request to amend any lease issued for any Central and Western Gulf of Mexico tract in the period of January 1, 1996, through November 28, 2000, to incorporate price thresholds applicable to royalty suspension requirements that are equal to or less than the price thresholds specified under OCSLA. Federal Price Gouging Prevention Act - Makes it unlawful for any person, during a proclaimed international crisis affecting the oil market, to sell gasoline or any other petroleum distillate at a price that:
(1) is unconscionably excessive; and
(2) indicates the seller is taking unfair advantage of the circumstances of the crisis to increase prices unreasonably. Authorizes the President to issue such a proclamation. Enhanced Supply and Price Reduction Act of 2011 or the Enhanced SPR Act - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy (DOE) to sell at least 30 million barrels of petroleum from the Strategic Petroleum Reserve (SPR) and acquire refined petroleum product. Requires the Secretary to deposit the cash proceeds from such sales into the SPR Petroleum Account. Authorizes the President to instruct the Secretary to drawdown and sell or exchange petroleum product in a specified amount from the SPR if a circumstance exists of such significance and scope that action would be warranted to address market manipulation or otherwise be in the public interest.

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