Reinstate reasonable royalty rates

(a) Offshore oil and gas royalty rate Section 8(a)(1) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(a)(1)) is amended— (1) in subparagraph (A), by striking not less than 16 2⁄3 percent, but not more than 18 3⁄4 percent, during the 10-year period beginning on the date of enactment of the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14, and not less than 16 2⁄3 percent thereafter, and inserting not less than 12.5 percent, but not more than 18 3⁄4 percent,; (2) in subparagraph (C), by striking not less than 16 2⁄3 percent, but not more than 18 3⁄4 percent, during the 10-year period beginning on the date of enactment of the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14, and not less than 16 2⁄3 percent thereafter, and inserting not less than 12.5 percent, but not more than 18 3⁄4 percent,; (3) in subparagraph (F), by striking not less than 16 2⁄3 percent, but not more than 18 3⁄4 percent, during the 10-year period beginning on the date of enactment of the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14, and not less than 16 2⁄3 percent thereafter, and inserting not less than 12.5 percent, but not more than 18 3⁄4 percent,; and (4) in subparagraph (H), by striking not less than 16 2⁄3 percent, but not more than 18 3⁄4 percent, during the 10-year period beginning on the date of enactment of the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14, and not less than 16 2⁄3 percent thereafter, and inserting not less than 12.5 percent, but not more than 18 3⁄4 percent,. (b) Onshore oil and gas royalty rates Section 17 of the Mineral Leasing Act (30 U.S.C. 226) is amended— (1) in subsection (b)— (A) in paragraph (1)(A), by striking the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14, 16 2/3 and inserting subsection (s), 12.5; and (B) in paragraph (2)(A)(ii), by striking 16 2/3 percent and inserting 16 2/3 percent or, in the case of a lease issued on or after the date of enactment of subsection (s), 12.5 percent; (2) in subsection (l), by striking 16 2/3 percent each place it appears and inserting 16 2/3 percent or, in the case of a lease issued on or after the date of enactment of subsection (s), 12.5 percent; and (3) in subsection (n)(1)(C), by striking 16 2/3 percent and inserting 16 2/3 percent or, in the case of a lease issued on or after the date of enactment of subsection (s), 12.5 percent.