To provide for the suspension of strategic petroleum reserve acquisitions.
What it does: Rewrites page 208, lines 11–20
Sen. Ron Wyden (D-OR)Rewrites page 208, lines 11–20
ReplacesPrinted pageRemoves page 208, lines 11–20 of the printed bill. See that page
Inserted: (e) Fill Strategic Petroleum Reserve to Capacity.--
Inserted: (1) Definition of price of oil.--In this subsection, the term "price of oil" means the West Texas Intermediate 1-month future price of oil on the New York Mercantile Exchange.
Inserted: (2) Acquisition.--The Secretary shall, as expeditiously as practicable, without incurring excessive cost or appreciably affecting the price of gasoline or heating oil to consumers, acquire petroleum in quantities sufficient to fill the Strategic Petroleum Reserve to the 1,000,000,000-barrel capacity authorized under section 154(a) of the Energy Policy and Conservation Act (42 U.S.C. 6234(a)), in accordance with the sections 159 and 160 of that Act (42 U.S.C. 6239, 6240).
Inserted: (3) Suspension of acquisitions.--
Inserted: (A) In general.--The Secretary shall suspend acquisitions of petroleum under paragraph (2) when the market day closing price of oil exceeds $58.28 per barrel (adjusted in accordance with the Consumer Price Index for all-urban consumers United States city average, as published by the Bureau of Labor Statistics) for 10 consecutive trading days.
Inserted: (B) Acquisition.--Acquisitions suspended under subparagraph (A) shall resume when the market day closing price of oil remains below $40 per barrel (adjusted in accordance with the Consumer Price Index for all-urban consumers United States city average, as published by the Bureau of Labor Statistics) for 10 consecutive trading days.
Original wording
On page 208, strike lines 11 through 20 and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 792. Mr. WYDEN (for himself and Mr. Dorgan) submitted an amendment intended to be proposed by him to the bill H.R. 6, Reserved; which was ordered to lie on the table; as follows:
On page 208, strike lines 11 through 20 and insert the following:
(e) Fill Strategic Petroleum Reserve to Capacity.--
(1) Definition of price of oil.--In this subsection, the term “price of oil” means the West Texas Intermediate 1-month future price of oil on the New York Mercantile Exchange.
(2) Acquisition.--The Secretary shall, as expeditiously as practicable, without incurring excessive cost or appreciably affecting the price of gasoline or heating oil to consumers, acquire petroleum in quantities sufficient to fill the Strategic Petroleum Reserve to the 1,000,000,000-barrel capacity authorized under section 154(a) of the Energy Policy and Conservation Act (42 U.S.C. 6234(a)), in accordance with the sections 159 and 160 of that Act (42 U.S.C. 6239, 6240).
(3) Suspension of acquisitions.--
(A) In general.--The Secretary shall suspend acquisitions of petroleum under paragraph (2) when the market day closing price of oil exceeds $58.28 per barrel (adjusted in accordance with the Consumer Price Index for all-urban consumers United States city average, as published by the Bureau of Labor Statistics) for 10 consecutive trading days.
(B) Acquisition.--Acquisitions suspended under subparagraph (A) shall resume when the market day closing price of oil remains below $40 per barrel (adjusted in accordance with the Consumer Price Index for all-urban consumers United States city average, as published by the Bureau of Labor Statistics) for 10 consecutive trading days.
Legislative Activity
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Considered by Senate. (consideration: CR S7204, S7266)
June 23, 2005
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Considered by Senate. (consideration: CR S7204, S7266)
June 23, 2005
Proposed amendment SA 792 withdrawn in Senate.
June 23, 2005
Considered by Senate. (consideration: CR S6980)
June 22, 2005
Considered by Senate. (consideration: CR S6871)
June 21, 2005
Senate amendment proposed (on the floor): Amendment SA 792 proposed by Senator Wyden.
June 20, 2005
Amendment SA 792 proposed by Senator Wyden. (consideration: CR S6786-6790; text: CR S6786) To provide for the suspension of strategic petroleum reserve acquisitions.
June 20, 2005
Senate amendment submitted
June 16, 2005