Vote Smart's Synopsis:

Vote to pass a bill that allows offshore oil and gas leasing in the 181 and 181 South areas within a year and plans to expand into the Eastern Planning, Central Planning and Western Planning areas at some future date.

Highlights:

• Permits anyone who has a prior lease in the regions where a moratorium on drilling until June 30, 2022 has been put in place to "exchange the lease for a bonus or royalty credit that may only be used in the Gulf of Mexico" (Sec. 4).

• Prevents any leasing, preleasing, or any related activity from occurring in the following areas until, at the earliest, June 30, 2022 (Sec. 4):
• Any area east of the Military Mission Line in the Gulf of Mexico;
• Any area in the Eastern Planning Area that is within 125 miles of the coastline of the State of Florida; and
• Any area in the Central Planning Area that is within 100 miles of Florida's coastline or outside of the 181 area.

• Requires 50 percent of the revenues from this project be deposited into the Federal Treasury and deposits the remaining 50 percent of the revenues into a special Treasury account, from which 75 percent will go to Gulf producing States (Alabama, Louisiana, Mississippi, and Texas), and 25 percent will go to the Land and Water Conservation Fund (Sec. 5).

Full Bill Text

Full Bill Text