The purpose of this legislation is to prevent the Secretary of the Interior from granting new oil and natural gas production leases in the Gulf of Mexico to companies that have not renegotiated their existing leases to include royalty payments when oil and gas prices reach certain levels. The goal is to ensure that companies contribute fairly to government revenues when they profit from high oil and gas prices. Key provisions of the legislation include a requirement that companies must renegotiate their existing leases, known as "covered leases," to modify payment responsibilities.