Stop Giving Big Oil Free Money Act

HR 2053, the "Stop Giving Big Oil Free Money Act," requires oil and gas companies holding specific Gulf of Mexico leases to renegotiate their terms to pay royalties when oil and gas prices reach certain thresholds. It directly affects companies with "covered leases" (existing leases issued under specific laws before the bill's enactment) by blocking new leases or lease transfers unless they modify payment terms to include price-based royalty requirements. The bill mandates that companies must agree to pay royalties if prices meet or exceed thresholds described in existing law (43 U.S.C. 1337(a)(3)(C)), ending current royalty relief for high prices. This applies to both new leases and transfers, including subsidiaries, and requires changes effective October 1, 2026.