Sec. 308.
196 words·~1 min read·
/bill/118/hr/4366/eah/section-308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding sections 161 and 167 of the Energy Policy and Conservation Act ( 42 U.S.C. 6241 , 6247), the Secretary of Energy shall draw down and sell one million barrels of refined petroleum product from the Strategic Petroleum Reserve during fiscal year 2024. All proceeds from such sale shall be deposited into the general fund of the Treasury during fiscal year 2024. Upon the completion of such sale, the Secretary shall carry out the closure of the Northeast Gasoline Supply Reserve.
The Secretary of Energy 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 submitted by the President pursuant to section 1105 of title 31, United States Code, 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.
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