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H.R. 5473House110th Congress (2007-2009)In Committee

Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008

Sponsored by Peter WelchRep. Peter Welch (D-VT)
Introduced February 14, 2008

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Referred to the Subcommittee on Environment and Hazardous Materials.

February 14, 2008

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HouseIntro Referral

Introduced in House

February 14, 2008

HouseIntro Referral

Referred to the House Committee on Energy and Commerce.

Energy and Commerce Committee

February 14, 2008

HouseCommittee

Referred to the Subcommittee on Environment and Hazardous Materials.

February 14, 2008

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Introduced in HouseIssued February 14, 2008

I

110th CONGRESS

2d Session

H. R. 5473

IN THE HOUSE OF REPRESENTATIVES

February 14, 2008

Mr. Welch of Vermont introduced the following bill; which was referred to the Committee on Energy and Commerce

A BILL

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

1.

Short title

This Act may be cited as the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008.

2.

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 calendar year 2008, the Secretary of Energy shall suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method.

(b)

Resumption

The Secretary may resume acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method during calendar year 2008 not earlier than 30 days after the date on which the Secretary notifies Congress that the Secretary has determined that the weighted average price of petroleum in the United States for the most recent 90-day period is $50 or less per barrel.