[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 887 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 887

  To amend title 10, United States Code, to require the Secretary of 
Energy to sell the naval petroleum reserves since such reserves are no 
    longer necessary for the national security of the United States.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 1995

 Mr. Zimmer (for himself and Mr. Klug) introduced the following bill; 
   which was referred to the Committee on National Security and, in 
addition, to the Committee on Commerce, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

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                                 A BILL


 
  To amend title 10, United States Code, to require the Secretary of 
Energy to sell the naval petroleum reserves since such reserves are no 
    longer necessary for the national security of the United States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SALE OF NAVAL PETROLEUM RESERVES.

    (a) Sale Required.--Chapter 641 of title 10, United States Code, is 
amended by inserting after section 7421 the following new section:
``Sec. 7421a. Sale of naval petroleum reserves
    ``(a) Sale Required.--Notwithstanding any other provision of this 
chapter, the Secretary shall sell all right, title, and interest of the 
United States in and to the naval petroleum reserves beginning on the 
date of the enactment of this section.
    ``(b) Time for Sales.--The Secretary shall complete the sale of the 
naval petroleum reserves not later than one year after the date of the 
enactment of this section unless, as a result of the conditions 
specified in subsection (c), the Secretary determines a longer sale 
period is necessary. The Secretary shall notify Congress of any 
extension of the sale period.
    ``(c) Conditions on Sale.-- Sales of the naval petroleum reserves 
under subsection (a) may not be for less than fair market value, as 
determined by the Secretary. The Secretary shall conduct sales using 
competitive procedures. The Secretary may establish such bidding terms 
and conditions as the Secretary considers to be necessary and 
appropriate, including the establishment of sale units and minimum 
bids.
    ``(d) Purchaser To Be Held Harmless.--A purchaser of any right, 
title, or interest of the United States in the naval petroleum reserves 
shall be held harmless for any claim of liability arising exclusively 
from or during the ownership of the interest by the United States. Such 
a claim of liability may be asserted against the United States only to 
the extent and in the manner provided by law.
    ``(e) Requirements Regarding Consultation and Approval.--The 
Congressional consultation and Presidential approval requirements of 
section 7431(a) of this title regarding each individual sale of a 
portion of the naval petroleum reserves shall not apply to sales under 
this section.''.
    (b) Clerical Amendment.--The table of sections at the beginning of 
such chapter is amended by inserting after the item relating to section 
7421 the following new item:

``7421a. Sale of naval petroleum reserves.''.
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