This legislation aims to restrict the issuance of new oil and natural gas production leases in the Gulf of Mexico. It prohibits the Secretary of the Interior from granting new leases to any person or entity that holds an existing "covered lease" unless they first renegotiate those leases. The purpose of this renegotiation is to modify payment responsibilities, requiring the payment of royalties when oil and natural gas prices reach or exceed certain predetermined thresholds. A "covered lease" refers to specific existing leases in the Gulf of Mexico that were issued under particular acts and currently lack market-price-based royalty limitations. The bill also extends these restrictions to the transfer of leases, preventing lessees from obtaining new interests without first renegotiating their existing covered leases to include these royalty payment conditions. Furthermore, it mandates that the Secretary agree to amend certain older leases from 1996-2000 to incorporate these new price thresholds for royalty suspension provisions, with an effective date of October 1, 2026.