[Congressional Record Volume 146, Number 31 (Monday, March 20, 2000)]
[House]
[Pages H1123-H1124]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                               H.R. 3822

                       Offered By: Mr. Gejdenson

       Amendment No. 1: Page 8, after line 2, insert the following 
     (and redesignate the subsequent section accordingly):

     SEC. 7. SENSE OF THE CONGRESS.

       It is the sense of Congress that--
       (1) using authority under existing law, directly through 
     time exchanges (or ``swaps'') or through other means, the 
     President and the Secretary of Energy should draw down the 
     Strategic Petroleum Reserve in an economically feasible 
     manner and to a responsible degree, to combat unfair foreign 
     trade practices of OPEC and alleviate the severely 
     deleterious consequences to people and businesses in the 
     United States that those practices have caused; and
       (2) the President and the Secretary of Energy should 
     prepare for future threats to the economy and energy supply 
     of the United States by developing methods to--
       (A) draw down the Strategic Petroleum Reserve quickly when 
     needed; and
       (B) increase the quantity of crude oil in the Strategic 
     Petroleum Reserve over time in an economically reasonable 
     manner.

                               H.R. 3822

                       Offered By: Mr. Gejdenson

       Amendment No. 2: Page 8, after line 2, insert the following 
     (and redesignate the subsequent section accordingly):

     SEC. 7. SENSE OF THE CONGRESS.

       It is the sense of Congress that--
       (1) using authority under existing law, directly through 
     time exchanges (or ``swaps'') or through other means, the 
     President and the Secretary of Energy should draw down the 
     Strategic Petroleum Reserve in an economically feasible 
     manner and to a responsible degree, to combat unfair foreign 
     trade practices of OPEC and alleviate the severely 
     deleterious consequences to people and businesses in the 
     United States that those practices have caused;
       (2) the President and the Secretary of Energy should 
     prepare for future threats to the economy and energy supply 
     of the United States by developing methods to--
       (A) draw down the Strategic Petroleum Reserve quickly when 
     needed; and
       (B) increase the quantity of crude oil in the Strategic 
     Petroleum Reserve over time in an economically reasonable 
     manner; and
       (3) Congress should immediately pass, and the President 
     should sign into law, legislation to reauthorize the Energy 
     Policy and Conservation Act and extend the President's 
     authority to release oil from the Strategic Petroleum 
     Reserve.

                               H.R. 3822

                        Offered By: Mr. Sanders

       Amendment No. 3: Page 8, after line 2, insert the 
     following:
       (d) Leverage To Succeed in Diplomatic Efforts To End Price 
     Fixing.--In order to increase the chances of diplomatic 
     efforts succeeding to bring about the complete dismantlement 
     of international oil price fixing, the President shall 
     immediately enter into agreements with members of the oil 
     industry for the swap of crude oil from the Strategic 
     Petroleum Reserve for both crude oil and 6,700,000 barrels of 
     home heating oil at a later date. Such arrangements shall 
     provide that--
       (1) when the price of crude oil drops below $25 per barrel 
     for a period of two consecutive weeks, the oil industry shall 
     replenish crude oil to the Strategic Petroleum Reserve; and
       (2) when the price of heating oil drops below $1.00 per 
     gallon for a period of two consecutive weeks, the oil 
     industry shall provide the President with 6,700,000 barrels 
     of home heating oil for the purposes of establishing a Home 
     Heating Oil Reserve.


[[Page H1124]]


     Once the President starts receiving heating oil pursuant to 
     such agreements, the President shall create a heating oil 
     reserve containing 2,000,000 barrels of heating oil in leased 
     storage facilities in Albany, New York, the New York Harbor 
     area, or any other appropriate location in the Northeast. The 
     President shall deposit the remaining 4,700,000 barrels of 
     heating oil received pursuant to such agreements in one of 
     the Strategic Petroleum Reserve caverns. The President shall 
     immediately draw down the Heating Oil Product Reserve 
     (consisting of home heating oil received pursuant to 
     agreements under this subsection) only when fuel oil prices 
     in any region of the United States rise sharply because of 
     international oil price fixing or any other anticompetitive 
     activity, during a national or regional fuel oil shortage, or 
     during periods of national or regional extreme winter 
     weather. There are authorized to be appropriated $25,000,000 
     to the Secretary of Energy for the period encompassing fiscal 
     years 2000 through 2019 for the purposes of carrying out this 
     subsection.