43 U.S.C. § 1353
Federal purchase and disposition of oil and gas
United States · Title 43 — PUBLIC LANDS · Status: effective
Cite this
- Citation
- 43 U.S.C. § 1353, Federal purchase and disposition of oil and gas, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/486206
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Full text
The lessee shall take any Federal oil or gas for which no acceptable bids are received, as determined by the Secretary, and which is not transferred pursuant to subsection (a)(3) of this section, and shall pay to the United States a cash amount equal to the regulated price, or, if no regulated price applies, the fair market value of the oil or gas so obtained.
As used in this section—
the term “regulated price” means the highest price—
Nothing in this section shall prohibit the right of the United States to purchase any oil or gas produced on the outer Continental Shelf as provided by section 1341(b) of this title.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- Outer Continental Shelf Lands Act Amendments of 1978House: no recorded tallySenate: no recorded tally