[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1017 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1017

  To provide for the sale of light grade petroleum from the Strategic 
 Petroleum Reserve and its replacement with refined petroleum product.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 2011

 Mr. Markey (for himself, Mr. Owens, Mr. Welch, Ms. DeLauro, and Mrs. 
    Capps) introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
  To provide for the sale of light grade petroleum from the Strategic 
 Petroleum Reserve and its replacement with refined petroleum product.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Enhanced Supply and Price Reduction 
Act of 2011'' or the ``Enhanced SPR Act''.

SEC. 2. DEFINITION.

    In this Act, the term ``Secretary'' means the Secretary of Energy.

SEC. 3. PETROLEUM PRODUCT RESERVE.

    Section 154(a) of the Energy Policy and Conservation Act (42 U.S.C. 
6234(a)) is amended by striking ``1 billion barrels of petroleum 
products'' and inserting ``1,000,000,000 barrels of petroleum products 
(including at least 30,000,000 barrels of refined petroleum 
products)''.

SEC. 4. SALE OF OIL FROM THE STRATEGIC PETROLEUM RESERVE AND 
              ACQUISITION OF REFINED PETROLEUM PRODUCT.

    (a) Initial Petroleum Sale and Replacement.--Notwithstanding 
section 161 of the Energy Policy and Conservation Act (42 U.S.C. 6241), 
the Secretary shall--
            (1) sell, in the amounts and on the schedule described in 
        subsection (b), light grade petroleum from the Strategic 
        Petroleum Reserve and acquire refined petroleum product;
            (2) deposit the cash proceeds from sales under paragraph 
        (1) into the SPR Petroleum Account established under section 
        167 of the Energy Policy and Conservation Act (42 U.S.C. 6247); 
        and
            (3) from the cash proceeds deposited pursuant to paragraph 
        (2), withdraw the amount necessary to pay for the direct 
        administrative and operational costs of the sale and 
        acquisition, including for acquisition and maintenance of, and 
        improvements to, storage facilities.
    (b) Amounts and Schedule.--
            (1) In general.--The sale and acquisition described in 
        subsection (a) shall require the offer for sale of a total 
        quantity of not less than 30,000,000 barrels of light grade 
        petroleum from the Strategic Petroleum Reserve. The sale shall 
        commence not later than 180 days after the date of enactment of 
        this Act and be completed not later than 3 years after such 
        date of enactment. In no event shall the Secretary sell barrels 
        of oil under subsection (a) that would result in a Strategic 
        Petroleum Reserve that contains fewer than 90 percent of the 
        total amount of barrels in the Strategic Petroleum Reserve as 
        of the date of enactment of this Act.
            (2) Acquisitions.--The Secretary shall acquire refined 
        petroleum product under this section--
                    (A) beginning no sooner than 180 days after the 
                date of enactment of this Act;
                    (B) ending no later than 5 years after the date of 
                enactment of this Act; and
                    (C) in a manner so as to minimize both the cost to 
                the Federal Government and market disruption associated 
                with the acquisition.

SEC. 5. REPORT TO CONGRESS.

    Not later than 18 months after the date of enactment of this Act, 
the Secretary shall transmit to Congress a report--
            (1) describing the amounts of light grade petroleum sold 
        and refined petroleum product acquired under this Act;
            (2) describing the actions taken for the storage of refined 
        petroleum product acquired under this Act, and identifying any 
        requirements for additional facilities;
            (3) describing efforts the Department has taken to ensure 
        that distributors and importers are not discouraged from 
        maintaining and increasing supplies of refined petroleum 
        products;
            (4) describing actions that the Department has taken and 
        plans to take to ensure quality of refined petroleum product in 
        the Reserve, including the rotation of product stored; and
            (5) analyzing the effects that activities under this Act 
        have had on oil markets.
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