Sec. 307.
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/bill/114/s/2130/pcs/section-307·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of the funds made available by this Act or any prior or subsequent Act, or funds made available in the SPR Petroleum Account, may be used in this fiscal year or each subsequent fiscal year, to conduct a drawdown (including a test drawdown) and sale or exchange of petroleum products from the Strategic Petroleum Reserve unless the Secretary of Energy provides notice, in accordance with subsection (b), of such exchange, or drawdown (including a test drawdown) to the Committees on Appropriations of both Houses of Congress. The notification required under subsection
(a)shall include at a minimum— the justification for the drawdown or exchange, including— a specific description of any obligation under international energy agreements; and in the case of a test drawdown, the specific aspects of the Strategic Petroleum Reserve to be tested; the provisions of law (including regulations) authorizing the drawdown or exchange; the number of barrels of petroleum products proposed to be withdrawn or exchanged; the location of the Strategic Petroleum Reserve site or sites from which the petroleum products are proposed to be withdrawn; a good faith estimate of the expected proceeds from the sale of the petroleum products; an estimate of the total inventories of petroleum products in the Strategic Petroleum Reserve after the anticipated drawdown; a detailed plan for disposition of the proceeds after deposit into the SPR Petroleum Account; and a plan for refilling the Strategic Petroleum Reserve, including whether the acquisition will be of the same or a different petroleum product. The Secretary shall provide the notification required under subsection (a)— in the case of an exchange or a drawdown, as soon as practicable after the exchange or drawdown has occurred; and in the case of a test drawdown, not later than 30 days prior to the test drawdown. In addition to reporting requirements under other provisions of law, the Secretary shall, upon the execution of all contract awards in this fiscal year and each subsequent fiscal year associated with a competitive sale of petroleum products, notify the Committees on Appropriations of both Houses of Congress of the actual value of the proceeds from the sale. The Secretary may not establish any new regional petroleum product reserve unless funding for the proposed regional petroleum product reserve is explicitly requested in advance in an annual budget submission and approved by the Congress in an appropriations Act. The budget request or notification shall include— the justification for the new reserve; a cost estimate for the establishment, operation, and maintenance of the reserve, including funding sources; a detailed plan for operation of the reserve, including the conditions upon which the products may be released; the location of the reserve; and the estimate of the total inventory of the reserve.