[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6035 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6035

To authorize the Secretary of Energy to exchange light crude oil in the 
    Strategic Petroleum Reserve for heavy crude oil, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2008

 Mr. Courtney introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
To authorize the Secretary of Energy to exchange light crude oil in the 
    Strategic Petroleum Reserve for heavy crude oil, and for other 
                               purposes.

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

SECTION 1. AUTHORITY.

    The Secretary of Energy shall publish an announcement in the 
Federal Register, not later than 14 days after the end of any period of 
10 consecutive days during which the price of oil exceeds $90 per 
barrel, offering 50,000,000 barrels of light crude oil from the 
Strategic Petroleum Reserve in exchange for heavy crude oil.

SEC. 2. SCHEDULE OF EXCHANGE.

    The Secretary shall establish a schedule for exchanges under this 
Act that distributes exchanges over a period of 2 years.

SEC. 3. SUNSET.

    The authority to enter into an exchange agreement under this Act 
shall expire 1 year after the date of enactment of this Act.
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