[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6473 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6473

     To amend the Energy Policy and Conservation Act to modify the 
conditions for the release of products from the Northeast Home Heating 
              Oil Reserve Account, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 10, 2008

  Mr. Hodes (for himself, Mr. Michaud, Mr. Allen, Mr. Kanjorski, Mr. 
   Hinchey, Mr. LoBiondo, Mr. McHugh, Mr. Langevin, Mr. Sestak, Mr. 
  Delahunt, and Mr. Welch of Vermont) introduced the following bill; 
  which was referred to the Committee on Energy and Commerce, and in 
 addition to the Committee on Education and Labor, 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

_______________________________________________________________________

                                 A BILL


 
     To amend the Energy Policy and Conservation Act to modify the 
conditions for the release of products from the Northeast Home Heating 
              Oil Reserve Account, 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. RELEASE OF PRODUCTS FROM NORTHEAST HOME HEATING OIL RESERVE 
              ACCOUNT.

    Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 
6250b) is amended by striking subsection (a) and inserting the 
following:
    ``(a) Findings.--
            ``(1) Optional releases.--
                    ``(A) In general.--Subject to paragraph (2), the 
                Secretary may sell products from the Reserve only on a 
                finding by the President that--
                            ``(i) there is a severe energy supply 
                        interruption; or
                            ``(ii) the price of home heating oil 
                        threatens the health and safety of residents of 
                        the Northeast.
                    ``(B) Requirement.--The President may make a 
                finding under subparagraph (A) only if the President 
                determines that--
                            ``(i) a dislocation in the heating oil 
                        market has resulted from an interruption 
                        described in subparagraph (A)(i);
                            ``(ii) the price of home heating oil has 
                        increased by such an extent that the Northeast 
                        is experiencing, or will experience, an 
                        emergency situation that threatens the safety 
                        and health of residents of the Northeast; or
                            ``(iii)(I) a circumstance (other than a 
                        circumstance described in clause (i) or (ii)) 
                        exists that constitutes a regional supply 
                        shortage of significant scope and duration; and
                            ``(II) action taken under this section 
                        would assist directly and significantly in 
                        reducing the adverse impact of the shortage.
            ``(2) Mandatory releases.--
                    ``(A) In general.--For each fiscal year, the 
                Secretary shall sell--
                            ``(i) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as reported in the retail 
                        price data of the Energy Information 
                        Administration for the Northeast) is equal to 
                        or more than $4.00 per gallon on November 1 of 
                        that fiscal year;
                            ``(ii) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon on December 1 
                        of that fiscal year;
                            ``(iii) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon on January 1 
                        of that fiscal year;
                            ``(iv) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon on February 1 
                        of that fiscal year; and
                            ``(v) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon on March 1 of 
                        that fiscal year.
                    ``(B) Use of revenue.--The Secretary shall use any 
                revenue derived from the sale of products in the 
                Reserve under subparagraph (A) as follows:
                            ``(i) 50 percent shall be used to provide 
                        assistance to low-income consumers of heating 
                        oil under the Weatherization Assistance Program 
                        for Low-Income Persons established under part A 
                        of title IV of the Energy Conservation and 
                        Production Act (42 U.S.C. 6861 et seq.).
                            ``(ii) 50 percent shall be used to provide 
                        assistance under section 2604(e) of the Low-
                        Income Home Energy Assistance Act of 1981 (42 
                        U.S.C. 8623(e)).
            ``(3) Maintaining level.--Notwithstanding paragraphs (1) 
        and (2), the Secretary shall ensure that, as of November 1 of 
        each year, the Reserve contains a sufficient level of petroleum 
        distillate to enable carrying out this part.''.
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