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 do not renegotiate 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 public revenue when they profit from high market prices. Key provisions of the legislation include a requirement for companies holding certain existing leases, known as "covered leases," to renegotiate their agreements.