110 HR 6035 IH: To authorize the Secretary of Energy to exchange light U.S. House of Representatives 2008-05-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6035 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.

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.

2.

Schedule of exchange

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

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.