Energy Revenue and Development Act
Latest action. Referred to House Committee on Ways and Means.
Energy Revenue and Development Act - Title I: Energy Trust Fund; Outer Continental Shelf Revenues Energy Trust Fund - Establishes the Energy Trust Fund and authorizes the transfer to it of specified rentals, royalties, or other sums paid to the Secretary of the Navy in connection with leases on the Outer Continental Shelf made between June 5, 1950 and enactment of this Act. Authorizes such additional appropriations to the Fund as may be necessary under this Act. Directs the Federal Energy Administration (FEA) to develop and direct a program of energy research, development, utilization, and conservation. Authorizes the FEA to enter into contracts with persons for exploration, development, and production of energy resources. Authorizes the FEA to guarantee loans for such purposes. Allows the FEA to purchase, at cost plus a reasonable profit, energy produced from such contractual arrangements. Authorizes the FEA to make monetary awards to persons and institutions for scientific contributions to the FEA's energy activities. Authorizes appropriations from the Energy Trust Fund to carry out this Act. Requires the payment to the States of 60 percent of the first $50,000,000 (and thereafter a lesser percentage up to $100,000,000) of the income from adjacent Outer Continental Shelf leaseholds. Authorizes the payment to adjacent States of $1 times the daily capacity in barrels from oil refineries refining oil from the Shelf. Establishes the Commission on Energy Technology Assessment, headed by a Presidentially appointed Commissioner and a Board. Requires the Commission to advise the FEA, analyze the quality of FEA's work, establish priorities in energy research and development, and identify impacts from energy technology and its economic costs. Requires persons entering contracts under this title with the FEA to keep records available for audit by the Comptroller General. Title II: Changes in Income Tax Deduction Allowed For Percentage Depletion of Oil and Gas Wells - Sets forth the formula for determining the percentage depletion deduction for domestic oil and gas wells. Disallows any such deduction on foreign wells for persons not claiming a domestic deduction. Title III: Termination of Price Controls - Terminates in one year the authority under the Economic Stabilization Act to stabilize prices of energy products and specified steel pipe and drilling equipment in short supply. States that the provisions of the Natural Gas Act shall apply to the transportation of natural gas in interstate commerce, to the sale in interstate commerce of natural gas for domestic, commercial, industrial, or any other use, and to natural gas companies engaged in such transportation or sale, but shall not apply to any other transportation or sale of natural gas, to the local distribution of natural gas, to the facilities used for such distribution, to the production or gathering of natural gas, or to the sale of natural gas dedicated for the first time to interstate commerce, produced from wells commenced on the date of enactment of this Act for domestic, commercial, industrial, or any other use, by any person whose principal business is not the transportation of natural gas in interstate commerce. States that the Commission shall have no power to deny, in whole or in part, that portion of the rates and charges made, demanded, or received by any natural gas company for or in connection with the purchase of natural gas exempt from the Natural Gas Act as provided in this title.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 10, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 10, 1974: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ROBERT PRICE (R-TX) introduced it on October 10, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 10, 1974, 19010 days ago. The most recent recorded action was 19010 days ago, on October 10, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers