SECTION 1. Short title.

SEC. 2. Increased onshore oil and gas royalty rates.

(1) by striking “12.5” each place it appears and inserting “18.75”; and

(2) by striking “12¹⁄2 per centum” each place it appears and inserting “18.75 percent”.

SEC. 3. Increased minimum bid amount.

(1) in paragraph (1)(B)—

(A) by striking the subparagraph designation and all that follows through the period at the end of the first sentence and inserting the following:

“(B) NATIONAL MINIMUM ACCEPTABLE BID.—

“(i) IN GENERAL.—Except as provided in clauses (ii) and (v), the national minimum acceptable bid shall be $10 per acre.”;

(B) in the second sentence—

(i) by striking “Thereafter, the Secretary” and inserting the following:

“(ii) ADJUSTMENT.—The Secretary”;

(ii) by striking “is necessary: (i) to enhance” and inserting the following: “is necessary—

“(I) to enhance”; and

(iii) by striking “(ii) to promote” and inserting the following:

“(II) to promote”;

(C) in the third sentence, by striking “Ninety days” and inserting the following:

“(iii) NOTIFICATION.—90 days”;

(D) in the fourth sentence, by striking “The proposal” and inserting the following:

“(iv) NEPA.—The proposal”; and

(E) by adding at the end the following:

“(v) EXCEPTION.—To ensure a return of fair market value, as determined by the Secretary, the Secretary may establish in a notice of competitive lease sale a minimum acceptable bid applicable to the lease sale or 1 or more parcels within the lease sale that is higher than the national minimum bid under clause (i).”; and

(2) in subsection (b)(2)(C), by striking “$2 per acre” and inserting “$10 per acre’’.

SEC. 4. Increased onshore oil and gas rental rates.

(1) by striking “$1.50 per acre” and inserting “$3 per acre”; and

(2) by striking “$2 per acre” and inserting “$5 per acre”.

SEC. 5. Fee for expression of interest.

“(q) Fee for expression of interest.—

“(1) IN GENERAL.—The Secretary shall charge any person who submits, in accordance with procedures established by the Secretary to carry out this subsection, an expression of interest in leasing land available for disposition under this section for exploration for, and development of, oil or gas a fee, in an amount determined by the Secretary under paragraph (2).

“(2) AMOUNT.—The fee authorized under paragraph (1) shall be established by the Secretary in an amount that is determined by the Secretary to be appropriate to cover the aggregate cost of processing an expression of interest under this subsection, but not less than $15 per acre of the area covered by the applicable expression of interest.”.

SEC. 6. Adjustment.

“(r) Adjustment to certain fees.—The Secretary shall—

“(1) not later than 4 years after the date of enactment of the Fair Returns for Public Lands Act of 2021, and at least once every 4 years thereafter, promulgate regulations adjusting each of the per-acre dollar amounts of fees imposed under subsections (b), (d), and (q) and subsections (e) and (f) of section 31 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics; and

“(2) as the Secretary determines to be necessary to enhance financial returns to the United States or to promote more efficient management of oil and gas resources on Federal land, promulgate regulations adjusting any of the applicable per-acre dollar amounts of fees imposed under subsection (b), (d), or (q) or subsection (e) or (f) of section 31, as applicable.”.

SEC. 7. Reinstatement of competitive leases.

(1) in subsection (e)—

(A) by striking paragraph (2) and inserting the following:

“(2) payment of back rentals and the inclusion in a reinstated lease of a requirement for future rentals at a rate of not less than $20 per acre per year;”;

(B) in paragraph (3)—

(i) in subparagraph (A)—

(I) by striking the subparagraph designation;

(II) by striking “issued pursuant to the provisions of section 17(b) of this Act”;

(III) by striking “16²⁄3 ” and inserting “25”; and

(IV) by inserting “and” after the semicolon; and

(ii) by striking subparagraph (B); and

(C) in the second sentence of the undesignated matter following paragraph (4), by striking “, but not to exceed $500”; and

(2) in subsection (f)—

(A) in paragraph (3), by striking “$5” and inserting “$10”; and

(B) in paragraph (4), by striking “12¹⁄2 ” and inserting “25”.

SEC. 8. Fiscal reform study and report.