H.R. 5405 · 108th Congress
Oil Price Safeguard Act
- Stage
- In committee
- Sponsor
- John Larson
- Introduced
- 2004-11-19
- Latest action
- 2004-12-01 · Referred to the Subcommittee on Energy and Air Quality.
Summary
Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to declare that a severe energy supply interruption, warranting a drawdown from the Strategic Petroleum Reserve (SPR), shall be deemed to exist if the President determines that: (1) there is a significant reduction in the supply of petroleum of significant scope and duration that has caused a significant increase in the price of petroleum products; (2) the price increase is likely to cause a significant adverse impact on the national economy; and (3) a substantial cause of the reduction in supply is the anticompetitive conduct of foreign countries or international entities.
Requires the President to report to certain congressional committees if the price of a barrel of crude oil exceeds $35 for a period greater than 14 days.