Sec. 305.
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Notwithstanding section 161 of the Energy Policy and Conservation Act ( 42 U.S.C. 6241 ), upon a determination by the President in this fiscal year that a regional supply shortage of refined petroleum product of significant scope and duration exists, that a severe increase in the price of refined petroleum product will likely result from such shortage, and that a draw down and sale of refined petroleum product would assist directly and significantly in reducing the adverse impact of such shortage, the Secretary of Energy may draw down and sell refined petroleum product from the Strategic Petroleum Reserve.
Proceeds from a sale under this section shall be deposited into the SPR Petroleum Account established in section 167 of the Energy Policy and Conservation Act ( 42 U.S.C. 6247 ), and such amounts shall be available for obligation, without fiscal year limitation, consistent with that section.
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