Stop Giving Big Oil Free Money Act

This bill requires oil and gas companies holding specific Gulf of Mexico leases to renegotiate their terms to pay royalties when oil or gas prices reach certain market thresholds. It directly affects companies with "covered leases" (existing leases issued between 1996-2000 for Central/Western Gulf tracts that currently avoid royalties at high prices). The key mechanism mandates renegotiation to include price-based royalty requirements equal to thresholds already in existing law, effective October 1, 2026. New leases or lease transfers in the Gulf are blocked unless these renegotiations are completed first.