Powder River Basin Resource Development Act of 2001

Powder River Basin Resource Development Act of 2001 - Encourages lessees of coal, oil, and natural gas in the Powder River Basin (Wyoming and Montana) to enter into written agreements detailing the operations and costs or compensation for concurrent or sequential development of such resources.

Requires the Secretary of the Interior to use authority to encourage expedited development of such resources leased within common areas pursuant to this Act.

Prescribes implementation guidelines that include: (1) negotiations concerning development priority for certain operations within the Powder River Basin; (2) judicial relief procedures for assignment of development priority; and (3) credit against royalties for certain payments by lease holders.

Denies the use of this Act as precedent in any court proceeding involving mineral development outside any common area either within or outside the Power River Basin.