§ 6247b. Purchase of oil from marginal wells

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(a)In general From amounts authorized under section 6246 of this title, in any case in which the price of oil decreases to an amount less than $15.00 per barrel (an amount equal to the annual average well head price per barrel for all domestic crude oil), adjusted for inflation, the Secretary may purchase oil from a marginal well at $15.00 per barrel, adjusted for inflation.

(b)Definition of marginal well The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A(c)(6)(E) of title 26.

(Pub. L. 94–163, title I, § 169, as added Pub. L. 106–469, title III, § 301(a), Nov. 9, 2000, 114 Stat. 2037.)

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Cited by 5 sections

statute-compilations

Sec. 169
purchase of oil from marginal wells

statutes-at-large

Public Law 106–469
To extend energy conservation programs under the Energy Policy and Conservation Act through fiscal year 2003

bill

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U.S. Code

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Pub. L. 94–163, title I, § 169
Pub. L. 106–469, title III, § 301(a)
114 Stat. 2037

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§ 6247b

Purchase of oil from marginal wells

Bills×3

Stat. Comp.×1

Stat.×1

U.S.C.§ 6246

U.S.C.§ 613A

Pub. L.Pub. L. 94–163, title I, § 169

Pub. L.Pub. L. 106–469, title III, § 301(a)

Stat.114 Stat. 2037

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