3.0.0 115 2023-01-11T20:06:46Z 2023-01-11T20:06:46Z Senate S S 2007-01-04 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-04T20:52:21Z 2007-01-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-04 Introduced in Senate IntroReferral 10000 9 Library of Congress O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL N Energy Alaska Commerce Continental shelf Depletion allowances Depreciation and amortization Economics and Public Finance 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 Energy 00 2007-01-04 Introduced in Senate 2007-01-31T23:22:39Z 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.

]]> Oil Subsidy Elimination for New Strategies on Energy Act Official Title as Introduced A bill to suspend royalty relief, to repeal certain provisions of the Energy Policy Act of 2005, and to amend the Internal Revenue Code of 1986 to repeal certain tax incentives for the oil and gas industry. Introduced in Senate IS Display Title Oil Subsidy Elimination for New Strategies on Energy Act Short Titles as Introduced Oil Subsidy Elimination for New Strategies on Energy Act Short Titles as Introduced Oil SENSE Act Introduced in Senate 2007-01-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s115is/xml/BILLS-110s115is.xml 2007-01-04 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.