1. Short title This Act may be cited as the People Over Petroleum Act . 2. Amortization of geological and geophysical expenditures (a) In general Section 167(h) of the Internal Revenue Code of 1986 is amended— (1) by striking 24-month period in paragraph (1) and inserting 7-year period , and (2) by striking paragraph (5). (b) Effective date The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2022. 3. Producing oil and gas from marginal wells (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45I (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendment Section 38(b) of such Code is amended by striking paragraph (19). (c) Effective date The amendment made by subsection (a) shall apply to credits determined for taxable years beginning after December 31, 2022. 4. Enhanced oil recovery credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43 (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendment Section 38(b) of such Code is amended by striking paragraph (6). (c) Effective date The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2022. 5. Intangible drilling and development costs in the case of oil and gas wells (a) In general Section 263(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: This subsection shall not apply to amounts paid or incurred by a taxpayer with respect to an oil or gas well after December 31, 2022. . (b) Effective date The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2022. 6. Repeal of percentage depletion for oil and gas wells (a) In general Part I