The Taxpayer Relief from Big Oil Act would eliminate royalty relief programs that allow oil and gas companies to reduce or avoid paying the federal government for extracting resources from public lands and waters. Specifically, the bill repeals royalty relief provisions in the Energy Policy Act of 2005 that apply to Gulf of Mexico drilling and removes similar relief available for oil and gas operations in Alaska's offshore planning areas and Naval Petroleum Reserves. The legislation also requires federal agencies managing oil and gas leases to submit annual reports to Congress documenting how many companies received relief, how much production resulted, and estimates of lost government revenue. Additionally, within one year of enactment, the Interior Department must establish standardized rules for calculating transportation costs deducted from royalties, capping these deductions at no more than 30 percent of the oil and gas value or actual transportation costs, whichever is lower. The bill affects major oil and gas companies operating on federal lands and waters, and aims to increase federal revenue by requiring these companies to pay fuller royalties for extraction rights.