To ensure that cost-effective procedures are used to fill the Strategic Petroleum Reserve.

1. 1

   Change 1: Replaces “The Secretary shall” with new text

   ReplacesPage 208, line 12Printed page

   Struck: The Secretary shall

   Inserted: (1) In general.--The Secretary shall

   Original wording

   On page 208, line 12, strike “The Secretary shall” and insert the following:

2. 2

   Change 2: Inserts new text on page 208, between lines 20 and 21

   InsertsPrinted page

   Inserted: (2) Procedures.--

   Inserted: (A) In general.--The Secretary shall develop, with an opportunity for public comment, procedures to obtain oil for the Reserve with the intent of maximizing the overall domestic supply of crude oil (including quantities stored in private sector inventories) and minimizing the costs to the Department of the Interior and the Department of Energy of acquiring such oil (including foregone revenues to the Treasury when oil for the Reserve is obtained through the royalty-in-kind program), consistent with national security.

   Inserted: (B) Considerations.--The procedures shall provide that, for purposes of determining whether to acquire oil for the Reserve or defer deliveries of oil, the Secretary shall take into account--

   Inserted: (i) current and future prices, supplies, and inventories of oil;

   Inserted: (ii) national security; and

   Inserted: (iii) other factors that the Secretary determines to be appropriate.

   Inserted: (C) Review of requests for deferrals of scheduled deliveries.--The procedures shall include procedures and criteria for the review of requests for the deferrals of scheduled deliveries.

   Inserted: (D) Deadlines.--The Secretary shall--

   Inserted: (i) propose the procedures required under this paragraph not later than 120 days after the date of enactment of this Act;

   Inserted: (ii) promulgate the procedures not later than 180 days after the date of enactment of this Act; and

   Inserted: (iii) comply with the procedures in acquiring oil for Reserve effective beginning on the date that is 180 days after the date of enactment of this Act.

   Original wording

   On page 208, between lines 20 and 21, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed