S.Amdt. 5106

1. Adds SEC. __. RELEASE OF PRODUCTS FROM NORTHEAST HOME HEATING OIL RESERVE ACCOUNT wherever appropriate

   Adds a section

   Inserted: SEC. __. RELEASE OF PRODUCTS FROM NORTHEAST HOME HEATING OIL RESERVE ACCOUNT.

   Inserted: Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 6250b) is amended by striking subsection (a) and inserting the following:

   Inserted: "(a) Findings.--

   Inserted: "(1) Optional releases.--

   Inserted: "(A) In general.--Subject to paragraph (2), the Secretary may sell products from the Reserve only on a finding by the President that--

   Inserted: "(i) there is a severe energy supply interruption; or

   Inserted: "(ii) the price of home heating oil threatens the health and safety of residents of the Northeast.

   Inserted: "(B) Requirement.--The President may make a finding under subparagraph (A) only if the President determines that--

   Inserted: "(i) a dislocation in the heating oil market has resulted from an interruption described in subparagraph (A)(i);

   Inserted: "(ii) the price of home heating oil has increased by such an extent that the Northeast is experiencing, or will experience, an emergency situation that threatens the safety and health of residents of the Northeast; or

   Inserted: "(iii)(I) a circumstance (other than a circumstance described in clause (i) or (ii)) exists that constitutes a regional supply shortage of significant scope and duration; and

   Inserted: "(II) action taken under this section would assist directly and significantly in reducing the adverse impact of the shortage.

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   Inserted: "(2) Mandatory releases.--

   Inserted: "(A) In general.--For each fiscal year, the Secretary shall sell--

   Inserted: "(i) 20 percent of the quantity of products in the Reserve as of November 1 of that fiscal year, on a finding by the President that the average retail price of No. 2 heating oil in the Northeast (as reported in the retail price data of the Energy Information Administration for the Northeast) is equal to or more than $4.00 per gallon on November 1 of that fiscal year;

   Inserted: "(ii) 20 percent of the quantity of products in the Reserve as of November 1 of that fiscal year, on a finding by the President that the average retail price of No. 2 heating oil in the Northeast (as so reported) is equal to or more than $4.00 per gallon on December 1 of that fiscal year;

   Inserted: "(iii) 20 percent of the quantity of products in the Reserve as of November 1 of that fiscal year, on a finding by the President that the average retail price of No. 2 heating oil in the Northeast (as so reported) is equal to or more than $4.00 per gallon on January 1 of that fiscal year;

   Inserted: "(iv) 20 percent of the quantity of products in the Reserve as of November 1 of that fiscal year, on a finding by the President that the average retail price of No. 2 heating oil in the Northeast (as so reported) is equal to or more than $4.00 per gallon on February 1 of that fiscal year; and

   Inserted: "(v) 20 percent of the quantity of products in the Reserve as of November 1 of that fiscal year, on a finding by the President that the average retail price of No. 2 heating oil in the Northeast (as so reported) is equal to or more than $4.00 per gallon on March 1 of that fiscal year.

   Inserted: "(B) Use of revenue.--The Secretary shall use any revenue derived from the sale of products in the Reserve under subparagraph (A) to provide assistance to low-income consumers of heating oil under the Weatherization Assistance Program for Low-Income Persons established under part A of title IV of the Energy Conservation and Production Act (42 U.S.C. 6861 et seq.).".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed