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Code · BILL · 117th Congress · H.R. 8989 (Introduced in House) — To lower consumer fuel prices, and for other purposes. · Sec. 102

Sec. 102. Establishing Strategic Refined Petroleum Product Reserves

1,272 words·~6 min read·/bill/117/hr/8989/ih/section-102

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Title I of the Energy Policy and Conservation Act ( 42 U.S.C. 6234 ) is amended by adding at the end the following: In this part: The term district means, as designated by the Administrator of the Energy Information Administration— a Petroleum Administration for Defense District; or a sub-district of a Petroleum Administration for Defense District. The term network means the network of Strategic Refined Petroleum Product Reserves established under this part. The term Reserve means a Strategic Refined Petroleum Product Reserve established under this part.
Notwithstanding any other provision of this Act, the Secretary shall establish, maintain, and operate a national network of Strategic Refined Petroleum Product Reserves. In carrying out subsection (a), the Secretary shall establish, maintain, and operate at least one Reserve in each district. Each Reserve shall have the capacity to contain at least 4,000,000 barrels of gasoline and 2,000,000 barrels of diesel fuel, and the network shall have the capacity to contain up to 250,000,000 barrels of gasoline and diesel fuel.
A Reserve established under this part is not a component of the Strategic Petroleum Reserve established under part B of this title or the Northeast Home Heating Oil Reserve established under part D of this title. To the extent necessary or appropriate to carry out this part, the Secretary may— purchase, contract for, lease, or otherwise acquire, in whole or in part, storage and related facilities, and storage services; use, lease, maintain, sell, or otherwise dispose of storage and related facilities acquired under this part; acquire by purchase, exchange (including exchange of petroleum products from the Strategic Petroleum Reserve or received as royalty from Federal lands), lease, or otherwise, gasoline or diesel fuel for storage in a Reserve; store gasoline or diesel fuel in facilities not owned by the United States; and sell, exchange, or otherwise dispose of gasoline or diesel fuel from a Reserve established under this part, including to maintain the quality or quantity of the gasoline or diesel fuel in a Reserve or to maintain the operational capability of a Reserve.
The Secretary may sell gasoline from a Reserve only upon a finding by the President that there is a severe gasoline supply interruption within the district in which the Reserve is located. Such a finding may be made only if the President determines that— a dislocation in the gasoline market has resulted from such interruption; or a circumstance, other than that described in paragraph (1), exists that constitutes a regional gasoline supply shortage of significant scope and duration and that action taken under this section would assist directly and significantly in reducing the adverse impact of such shortage.
The Secretary may sell diesel fuel from a Reserve only upon a finding by the President that there is a severe diesel fuel supply interruption within the district in which the Reserve is located. Such a finding may be made only if the President determines that— a dislocation in the diesel fuel market has resulted from such interruption; or a circumstance, other than that described in paragraph (1), exists that constitutes a regional diesel fuel supply shortage of significant scope and duration and that action taken under this section would assist directly and significantly in reducing the adverse impact of such shortage.
For purposes of this section— the term covered entity means— the People’s Republic of China; the Democratic People’s Republic of Korea; the Russian Federation; the Islamic Republic of Iran; any other country the government of which is subject to sanctions imposed by the United States; and any entity owned, controlled, or influenced by— a country referred to in any of subparagraphs
(A)through (F); or the Chinese Communist Party; a dislocation in the gasoline market shall be deemed to occur only when— the price differential between crude oil and finished gasoline, as reflected in an industry daily publication, increases by more than 50 percent over its 10-year rolling average, and continues for 7 consecutive days; and the price differential continues to increase during the most recent week for which price information is available; and a dislocation in the diesel fuel market shall be deemed to occur only when— the price differential between crude oil and diesel fuel, as reflected in an industry daily publication, increases by more than 50 percent over its 10-year rolling average, and continues for 7 consecutive days; and the price differential continues to increase during the most recent week for which price information is available. The Secretary shall conduct a continuing evaluation of the price data supplied by the Energy Information Administration and data on gasoline and diesel fuel prices from published sources. After consultation with the gasoline, diesel fuel, and crude oil refining industries, the Secretary shall determine procedures governing the release of gasoline and diesel fuel from a Reserve. The procedures shall provide that— the Secretary may— sell gasoline or diesel fuel from a Reserve through a competitive process; or enter into exchange agreements for gasoline or diesel fuel that results in the Secretary receiving a greater volume of gasoline or diesel fuel as repayment than the volume provided to the acquirer; in all such sales or exchanges, the Secretary shall receive revenue or its equivalent in gasoline or diesel fuel that provides the Department with fair market value; the Secretary shall only sell or dispose of the gasoline or diesel fuel in the Reserve to entities customarily engaged in the sale and distribution of gasoline or diesel fuel; and the Secretary shall prohibit the sale or export of gasoline or diesel fuel released under this section to a covered entity, except that the Secretary may issue a waiver of such prohibition if the Secretary certifies that any export or sale authorized pursuant to the waiver is in the national security interests of the United States. Not later than 180 days after the date of the enactment of this section, the Secretary shall transmit to the President and, if the President approves, to the Congress a plan describing— the acquisition of storage and related facilities or storage services for the network, including the potential use of storage facilities not currently in use; the acquisition of gasoline and diesel fuel for storage in the network; the anticipated methods of disposition of gasoline and diesel fuel from the network; the estimated costs of establishment, maintenance, and operation of the network; efforts the Department will take to minimize any potential need for future drawdowns and ensure that distributors and importers are not discouraged from maintaining and increasing supplies to the United States; and actions to ensure quality of the gasoline and diesel fuel in the network. The Secretary of the Treasury shall deposit in the SPR Petroleum Account established in the Treasury under section 167 any receipts from the sale, exchange, or other disposition of gasoline or diesel fuel from the network. No gasoline or diesel fuel produced at a refinery located outside of the United States may be stored in a Reserve. The Secretary may not purchase gasoline or diesel fuel under this part until 2026. . Section 166 of the Energy Policy and Conservation Act ( 42 U.S.C. 6246 ) is amended by striking and part D and inserting , part D, and part E . The table of contents for the Energy Policy and Conservation Act is amended in the matter relating to title I by striking the items relating to the second part D (relating to Expiration) and the second section 181 and inserting the following: Part E—Strategic Refined Petroleum Product Reserves Sec. 191. Definitions. Sec. 192. Establishment. Sec. 193. Authority. Sec. 194. Conditions for release. Sec. 195. Proceeds from sales. Sec. 196. Restrictions. .
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  • 42 USC 6234
  • 42 USC 6246
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Sec. 102
Establishing Strategic Refined Petroleum Product Reserves
Cite42 USC 6234
Cite42 USC 6246
Cites 2Cited by 0 across 0 sources
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