This bill proposes substantial amendments to the Mineral Leasing Act, primarily aimed at reducing the financial burden on oil and gas extraction operations on Federal land. A key provision is the reduction of onshore oil and gas royalty rates from 16 2/3 percent to 12 1/2 percent, and for reinstated leases, from 20 percent to 16 2/3 percent. The bill also lowers the minimum bid for competitive leases from $10 per acre to $2 per acre and decreases annual rental rates for leases, such as from $3 per acre per year to $1.50 per acre per year for the first five years, and from $20 to $10 for reinstated leases. Furthermore, it eliminates the fee for expressing interest in leasing federal lands. The legislation also expands and clarifies provisions for noncompetitive leasing . It mandates that lands receiving no bids or bids below the national minimum acceptable bid in competitive sales must be promptly offered for noncompetitive leasing. The bill introduces a mechanism for holders of leases on certain mineral estates with vested future interests to elect continuation as a noncompetitive lease. Additionally, it allows for the issuance of noncompetitive oil and gas leases for abandoned unpatented oil placer mining claims under specific conditions, provided the failure to file was inadvertent. The Secretary is also authorized to reduce royalties on noncompetitive and reinstated leases if deemed equitable or due to circumstances causing undue hardship or premature production termination.