Sec. 201. Findings
154 words·~1 min read·
/bill/114/hr/1663/ih/section-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds the following: The Strategic Petroleum Reserve
(SPR)was created by Congress in 1975, to protect the Nation from any future oil supply disruptions. When the program was established, United States refiners were capable of handling light crude and medium crude and the makeup of the SPR matched this capacity. This is not the case today. A GAO analysis found that nearly half of the refineries considered vulnerable to supply disruptions are not compatible with the types of oil currently stored in the SPR and would be unable to maintain normal refining capacity if forced to rely on SPR oil as currently constituted, thereby reducing the effectiveness of the SPR in the event of a supply disruption. GAO concluded that the SPR should be comprised of at least 10 percent heavy crude. This Act implements the GAO recommendation and dedicates funds received from the transactions to existing energy conservation, research, and assistance programs.