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.
Short title
This Act may be cited as the
Strategic Petroleum Reserve Fill
Suspension and Consumer Protection Act of 2008
.
Suspension of petroleum acquisition for Strategic Petroleum Reserve
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.
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.