To increase the supply and lower the cost of petroleum by temporarily suspending the acquisition of petroleum for the Strategic Petroleum Reserve.

SA 4737. Mr. REID (for himself, Mr. Dorgan, Mr. Bingaman, Mrs. Boxer,
Mr. Levin, Ms. Stabenow, Mr. Leahy, Mr. Schumer, Mr. Brown, Mr.
Sanders, Mr. Durbin, Mr. Kerry, Mr. Menendez, Ms. Landrieu, Mr. Carper,
Mr. Inouye, Mr. Lautenberg, Mr. Salazar, Mr. Reed, and Mr. Harkin)
submitted an amendment intended to be proposed by him to the bill S.
2284, to amend the National Flood Insurance Act of 1968, to restore the
financial solvency of the flood insurance fund, and for other purposes;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. SUSPENSION OF PETROLEUM ACQUISITION FOR STRATEGIC
PETROLEUM RESERVE.

(a) In General.--Except as provided in subsection (b) and
notwithstanding any other provision of law, during the period
beginning on the date of enactment of this Act and ending on
December 31, 2008--
(1) the Secretary of the Interior shall suspend acquisition
of petroleum for the Strategic Petroleum Reserve through the
royalty-in-kind program; and
(2) the Secretary of Energy shall suspend acquisition of
petroleum for the Strategic Petroleum Reserve through any
other acquisition method.
(b) Resumption.--Not earlier than 30 days after the date on
which the President notifies Congress that the President has
determined that the weighted average price of petroleum in
the United States for the most recent 90-day period is $75 or
less per barrel--
(1) the Secretary of the Interior may resume acquisition of
petroleum for the Strategic Petroleum Reserve through the
royalty-in-kind program; and
(2) the Secretary of Energy may resume acquisition of
petroleum for the Strategic Petroleum Reserve through any
other acquisition method.
(c) Existing Contracts.--In the case of any oil scheduled
to be delivered to the Strategic Petroleum Reserve pursuant
to a contract entered into by the Secretary of Energy prior
to, and in effect on, the date of enactment of this Act, the
Secretary shall, to the maximum extent practicable, negotiate
a deferral of the delivery of the oil for a period of not
less than 1 year, in accordance with procedures of the
Department of Energy in effect on the date of enactment of
this Act for deferrals of oil.
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