Sec. 204. Modification of the Strategic Petroleum Reserve
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Notwithstanding section 161 of the Energy Policy and Conservation Act ( 42 U.S.C. 6241 ), the Secretary shall publish a plan not later than 30 days after the date of enactment of this Act to— exchange as soon as possible light grade petroleum from the Strategic Petroleum Reserve, in an amount equal to 10 percent of the total number of barrels of crude oil in the Reserve as of the date of enactment of this Act, for an equivalent volume of heavy grade petroleum plus any additional cash bonus bids received that reflect the difference in the market value between light grade petroleum and heavy grade petroleum and the timing of deliveries of the heavy grade petroleum; from the gross proceeds of the cash bonus bids, deposit the amount necessary to pay for the direct administrative and operational costs of the exchange into the SPR Petroleum Account established under section 167 of the Energy Policy and Conservation Act ( 42 U.S.C. 6247 ); and deposit 90 percent of the remaining net proceeds from the exchange into the Infrastructure Renewal Reserve established in section 107.
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