Sec. 101. Economic Petroleum Reserve
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Section 154 of the Energy Policy and Conservation Act ( 42 U.S.C. 6234 ) is amended by adding at the end the following: In carrying out subsection (b), the Secretary shall establish and maintain within the Strategic Petroleum Reserve an Economic Petroleum Reserve of up to 350,000,000 barrels of crude oil. The Economic Petroleum Reserve shall consist of— 90,000,000 barrels of crude oil that are stored in the Strategic Petroleum Reserve on the date of enactment of this subsection, less any amounts drawn down and sold under section 161(k) after such date; and any crude oil purchased under section 160(i). .
Section 160 of the Energy Policy and Conservation Act ( 42 U.S.C. 6240 ) is amended by adding at the end the following: For purposes of section 154(g), the Secretary may acquire crude oil under this section only by purchase from domestic producers for a contract price of not more than $60 per barrel, in accordance with this subsection. The Secretary may enter into a contract under paragraph
(1)at any time for immediate delivery of crude oil. During the period that begins on the date of enactment of this subsection and ends on December 31, 2024, the Secretary may enter into a contract under paragraph
(1)for delivery of crude oil to occur during the period that begins on January 1, 2025, and ends on December 31, 2026. In carrying out subparagraph (A), to the extent there are multiple offers for contracts on equivalent terms, the Secretary shall give priority to contracts for crude oil produced by wells, including drilled but uncompleted wells, that are minimizing greenhouse gas emissions from activities at such wells, as determined by the Secretary in consultation with the Administrator of the Environmental Protection Agency. The Secretary may enter into a contract under paragraph
(1)using amounts deposited in the SPR Petroleum Account under section 167(c)— that are attributable to covered receipts described in section 167(e)(3)(A); or that were appropriated for such purpose pursuant to section 166. The objectives described in subsections (b)(4), (c)(2), and (c)(5) shall not apply to the acquisition of crude oil pursuant to a contract under paragraph (1). . Section 161 of the Energy Policy and Conservation Act ( 42 U.S.C. 6241 ) is amended by adding at the end the following: Notwithstanding subsection (d)(1), the Secretary may draw down and sell crude oil from amounts in the Economic Petroleum Reserve established under section 154(g) at any time the front-month futures price of West Texas Intermediate crude oil has remained greater than $90 per barrel for at least one week. Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 367 an amount equal to $9 for each barrel of crude oil sold under this subsection. Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 131(b) of the Energy Independence and Security Act of 2007 ( 42 U.S.C. 17011 ) an amount equal to $2 for each barrel of crude oil sold under this subsection. Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 131(c) of the Energy Independence and Security Act of 2007 ( 42 U.S.C. 17011 ) an amount equal to $3 for each barrel of crude oil sold under this subsection. Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 301 of the Buy Low and Sell High Act an amount equal to $1 for each barrel of crude oil sold under this subsection. .
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