To authorize the Secretary of Energy to exchange light crude oil in the Strategic Petroleum Reserve for heavy crude oil, and for other purposes.
Referred to the Subcommittee on Energy and Air Quality.
Congressional Research Service
Official summary
Version 00 · Introduced in House · May 13, 2008
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.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 15, 2025. Consult Congress.gov for the current record.
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