Sec Permanent Authority To Operate The Strategic Petroleum Reserve And Other Energy Programs

(e) FILL STRATEGIC PETROLEUM RESERVE TO CAPACITY.—

(1) IN GENERAL.—The Secretary shall, as expeditiously as practicable, without incurring excessive cost or appreciably affecting the price of petroleum products to consumers, acquire petroleum in quantities sufficient to fill the Strategic Petroleum Reserve to the 1,000,000,000-barrel capacity authorized under section 154(a) of the Energy Policy and Conservation Act (42 U.S.C. 6234(a)), in accordance with the sections 159 and 160 of that Act (42 U.S.C. 6239,6240).

(A) AMENDMENT.—Section 160 of the Energy Policy and Conservation Act (42 U.S.C. 6240) is amended by inserting after subsection (b) the following new subsection:

"(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."

TITLE VI-NUCLEAR MATTERS [. . .] Subtitle D—Nuclear Security

Was this article helpful?

0 0

Post a comment