This bill, titled the "Stop Giving Big Oil Free Money Act," aims to ensure that oil and natural gas companies pay royalties on certain existing leases when market prices are high. It achieves this by prohibiting the Secretary of the Interior from issuing any new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act to companies that hold specific existing leases. To be eligible for new leases, a company must first renegotiate its "covered leases" to include royalty payment requirements when oil and natural gas prices are greater than or equal to certain price thresholds defined in the Outer Continental Shelf Lands Act. A covered lease is an existing Gulf of Mexico lease issued under the Deep Water Royalty Relief Act that currently lacks market-price-based royalty relief limitations at or below these specified thresholds. The bill also extends this requirement to the transfer of existing leases, preventing companies from acquiring new interests unless their covered leases are similarly renegotiated. Furthermore, the legislation mandates that the Secretary of the Interior must agree to a lessee's request to amend certain leases issued between 1996 and 2000 in the Central and Western Gulf of Mexico. These amendments would incorporate the same price thresholds for royalty suspension provisions, with the new or revised thresholds becoming effective on October 1, 2026 .