§ 6240. Petroleum products for storage, transport, or exchange
4,105 words·~19 min read·
/usc/title-42/section-6240A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Eligibility of petroleum products The Secretary may acquire, place in storage, transport, or exchange petroleum products acquired by purchase or exchange.
(b)Objectives in determining manner of acquisition The Secretary shall, to the greatest extent practicable, acquire petroleum products for the Reserve in a manner consonant with the following objectives:
(1)minimization of the cost of the Reserve;
(2)Repealed. Pub. L. 106–469, title I, § 103(14)(C), Nov. 9, 2000, 114 Stat. 2031;
(3)minimization of the Nation’s vulnerability to a severe energy supply interruption;
(4)minimization of the impact of such acquisition upon supply levels and market forces; and
(5)encouragement of competition in the petroleum industry.
(c)Procedures The Secretary shall develop, with public notice and opportunity for comment, procedures consistent with the objectives of this section to acquire petroleum for the Reserve. Such procedures shall take into account the need to—
(1)maximize overall domestic supply of crude oil (including quantities stored in private sector inventories);
(2)avoid incurring excessive cost or appreciably affecting the price of petroleum products to consumers;
(3)minimize the costs to the Department of the Interior and the Department of Energy in acquiring such petroleum products (including foregone revenues to the Treasury when petroleum products for the Reserve are obtained through the royalty-in-kind program);
(4)protect national security;
(5)avoid adversely affecting current and futures prices, supplies, and inventories of oil; and
(6)address other factors that the Secretary determines to be appropriate.
(d),
(e)Repealed. Pub. L. 106–469, title I, § 103(14)(D), Nov. 9, 2000, 114 Stat. 2031
(f)Predrawdown diversion If the Secretary finds that a severe energy supply interruption may be imminent, the Secretary may suspend the acquisition of petroleum product for, and the injection of petroleum product into, the Reserve and may sell any petroleum product acquired for and in transit to, but not injected into, the Reserve.
(g)Repealed. Pub. L. 106–469, title I, § 103(14)(D), Nov. 9, 2000, 114 Stat. 2031
(h)Purchase from stripper well properties
(1)If the President finds that declines in the production of oil from domestic resources pose a threat to national energy security, the President may direct the Secretary to acquire oil from domestic production of stripper well properties for storage in the Strategic Petroleum Reserve. Except as provided in paragraph (2), the Secretary may set such terms and conditions as he deems necessary for such acquisition.
(2)Crude oil purchased by the Secretary pursuant to this subsection shall be by competitive bid. The price paid by the Secretary—
(A)shall take into account the cost of production including costs of reservoir and well maintenance; and
(B)shall not exceed the price that would have been paid if the Secretary had acquired petroleum products of a similar quality on the open market under competitive bid procedures without regard to the source of the petroleum products.
(Pub. L. 94–163, title I, § 160, Dec. 22, 1975, 89 Stat. 888; Pub. L. 95–619, title VI, § 691(b)(2), Nov. 9, 1978, 92 Stat. 3288; Pub. L. 96–294, title VIII, §§ 801(a), 802(a), 803, June 30, 1980, 94 Stat. 775, 776; Pub. L. 97–35, title X, § 1033, Aug. 13, 1981, 95 Stat. 618; Pub. L. 97–229, § 4(a)(1), (b)(2)(C), Aug. 3, 1982, 96 Stat. 250, 252; Pub. L. 99–58, title I, §§ 102(b), 103(b)(1), July 2, 1985, 99 Stat. 103, 104; Pub. L. 99–88, title I, § 100, Aug. 15, 1985, 99 Stat. 342;
Pub. L. 99–272, title VII, § 7102, Apr. 7, 1986, 100 Stat. 141; Pub. L. 99–509, title III, § 3202, Oct. 21, 1986, 100 Stat. 1889; Pub. L. 101–383, §§ 4(b), (c), 5(a), (b)(3), 7, Sept. 15, 1990, 104 Stat. 728, 729, 734; Pub. L. 101–548, § 1, Nov. 14, 1990, 104 Stat. 2398; Pub. L. 102–486, title XIV, § 1404(a), (b)(2), Oct. 24, 1992, 106 Stat. 2994, 2995; Pub. L. 104–66, title I, § 1051(f), Dec. 21, 1995, 109 Stat. 716; Pub. L. 106–469, title I, § 103(14), Nov. 9, 2000, 114 Stat. 2031;
Pub. L. 109–58, title III, § 301(e)(2)(A), Aug. 8, 2005, 119 Stat. 684; Pub. L. 113–67, div. A, title III, § 306(a), Dec. 26, 2013, 127 Stat. 1183.)
Connections93 cite this · traces to 13
Cited by 93 sections · top 60
statutes-at-large
- Public Law 104–133To amend the Indian Self-Determination and Education Assistance Act to extend for two months the authority for promulgating regulations under the Act
- Public Law 99–58To extend title I and Part B of title II of the Energy Policy and Conservation Act, and for other purposes
- Public Law 105–82To designate the Marjory Stoneman Douglas Wilderness and the Ernest F
- Public Law 99–188
- Public Law 99–88Making supplemental appropriations for the fiscal year ending September 30, 1985, and for other purposes
- Public Law 99–272To provide for reconciliation pursuant to section 2 of the first concurrent resolution on the budget for fiscal year 1986 (S
- Public Law 101–121Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1990, and for other purposes
- Public Law 101–383To extend titles I and II of the Energy Policy and Conservation Act. and for other purposes
- Public Law 99–508To amend title 18, United States Code, with respect to the interception of certain communications, other forms of surveillance, and for other purposes
- Public Law 102–154Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1992, and for other purposes
- Public Law 97–229To amend the Energy Policy and Conservation Act to extend certain authorities relating to the International Energy Program, to provide for the Nation’s energy emergency preparedness, and for other purposes
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
- Public Law 113–67
- Public Law 101–512Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1991, and for other purposes
- Public Law 94–163To increase domestic energy supplies and availability; to restrain energy demand; to prepare for energy emergencies; and for other purposes
- Public Law 102–381Making appropriations for military construction for the Department of Defense for the fiscal year ending September 30, 1993, and for other purposes
- Public Law 109–58To ensure jobs for our future with secure, affordable, and reliable energy
- Public Law 106–469To extend energy conservation programs under the Energy Policy and Conservation Act through fiscal year 2003
- Public Law 96–514Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1981, and for other purposes
- Public Law 102–486To provide for improved energy efficiency
- Public Law 100–201To authorize the acceptance of a donation of land for addition to Big Bend National Park, in the State of Texas
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
- Public Law 96–294To extend the Defense Production Act of 1950, and for other purposes
- Public Law 101–46To extend title I of the Energy Policy and Conservation Act
- Public Law 102–396Making appropriations for the Department of Defense for the fiscal year ending September 30, 1993, and for other purposes
- Public Law 100–446Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1989, and for other purposes
public-private-law
U.S. Code
- § 6832Definitions
- § 8730Disposition of products
- § 6247SPR Petroleum Account
- § 6240Petroleum products for storage, transport, or exchange
- § 6239Development, operation, and maintenance of the Reserve
- § 6831Congressional findings and purpose
- § 8422Compliance report
- § 8484Electric utility conservation plan
- § 6245Annual report
- § 8341Existing electric powerplants
- § 8803Funding
- § 8421Information
- § 6249aImplementation
register
statute-compilations
bill
- Sec. 306Strategic Petroleum Reserve
- Sec. 5Strategic Petroleum Reserve
- Sec. 204Strategic Petroleum Reserve
- Sec. 5Strategic Petroleum Reserve
- Sec. 3Replenishing the Strategic Petroleum Reserve
- Sec. 101Economic Petroleum Reserve
- Sec. 3Objectives in determining manner of acquisition of petroleum products for the Strategic Petroleum Reserve
- Sec. 10020Use of index-based pricing in acquisition of petroleum products for the SPR
- Sec. 10020Use of index-based pricing in acquisition of petroleum products for the SPR
- Sec. 10020Use of index-based pricing in acquisition of petroleum products for the SPR
- Sec. 10020Use of index-based pricing in acquisition of petroleum products for the SPR
Traces to 13 documents
public-private-law
U.S. Code
- Development, operation, and maintenance of the Reserve§ 6239
- Expedited procedure for Congressional consideration of certain authorities§ 6422
- Presidential decision and report§ 719e
- Strategic Petroleum Reserve§ 6234
- Petroleum products for storage, transport, or exchange§ 6240
- Congressional finding and declaration of policy§ 6231
- Procedures for issuance of rules, regulations, or orders§ 7191
- Authorization of appropriations§ 7270
- Definitions§ 6202
- Disposition of moneys received§ 191
- General authorization to delegate functions; publication of delegations§ 301
- Congressional declaration of purpose§ 761
93 references not yet in our index
- Pub. L. 106–469, title I, § 103(14)(C)
- 114 Stat. 2031
- Pub. L. 94–163, title I, § 160
- 89 Stat. 888
- Pub. L. 95–619, title VI, § 691(b)(2)
- 92 Stat. 3288
- Pub. L. 96–294, title VIII
- 94 Stat. 775
- Pub. L. 97–35, title X, § 1033
- 95 Stat. 618
- Pub. L. 97–229, § 4(a)(1)
- 96 Stat. 250
- Pub. L. 99–58, title I
- 99 Stat. 103
- Pub. L. 99–88, title I, § 100
- 99 Stat. 342
- Pub. L. 99–272, title VII, § 7102
- 100 Stat. 141
- Pub. L. 99–509, title III, § 3202
- 100 Stat. 1889
- Pub. L. 101–383
- 104 Stat. 728
- Pub. L. 101–548, § 1
- 104 Stat. 2398
- Pub. L. 102–486, title XIV, § 1404(a)
- 106 Stat. 2994
- Pub. L. 104–66, title I, § 1051(f)
- 109 Stat. 716
- Pub. L. 106–469, title I, § 103(14)
- Pub. L. 109–58, title III, § 301(e)(2)(A)
- 119 Stat. 684
- 127 Stat. 1183
- Pub. L. 109–58
- Pub. L. 106–469, § 103(14)(A)
- Pub. L. 106–469, § 103(14)(B)
- Pub. L. 106–469, § 103(14)(C)
- Pub. L. 106–469, § 103(14)(D)
- Pub. L. 104–66
- Pub. L. 102–486, § 1405
- Pub. L. 102–486, § 1404(a)
+ 53 more
Citation graph
cites case law
§ 6240
Petroleum products for storage, transport, or exchange
Stat.×44
U.S.C.×18
Bills×13
Fed. Reg.×13
Stat. Comp.×4
Pub. L.×1
Pub. L.Pub. L. 106–469, title I, § 103(14)(C)
Stat.114 Stat. 2031
Pub. L.Pub. L. 94–163, title I, § 160
Cites 106 · showing 12Cited by 93 across 6 sources