Royalty Relief for American Consumers Act of 2006 - Directs the Secretary of the Interior to suspend royalty relief from any federal requirement to pay royalty (thus requiring the payment of royalties to the federal government) for production oil or natural gas from federal lands (including submerged land) during any period in which specified prices apply to either crude oil or natural gas.
Instructs the Secretary to renegotiate certain existing leases authorizing production of oil or natural gas on federal land to conform with this Act.
Conditions eligibility for renewal of such leases or new leases for existing lessees upon compliance with this Act.
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