H.R. 6035 · 110th Congress
To authorize the Secretary of Energy to exchange light crude oil in the Strategic Petroleum Reserve for heavy crude oil, and for other purposes.
- Stage
- In committee
- Sponsor
- Joe Courtney
- Introduced
- 2008-05-13
- Latest action
- 2008-05-14 · Referred to the Subcommittee on Energy and Air Quality.
Summary
Instructs the Secretary of Energy to: (1) publish an announcement in the Federal Register, within 14 days after the end of any period of ten consecutive days during which the price of oil exceeds $90 per barrel, offering 50 million barrels of light crude oil from the Strategic Petroleum Reserve (SPR) in exchange for heavy crude oil; and (2) establish a schedule distributing exchanges over a period of two years.
Sunsets the authority to enter into such exchange agreement one year after the date of enactment of this Act.