II
111th CONGRESS
1st Session
S. 283
IN THE SENATE OF THE UNITED STATES
January 21, 2009
Ms. Snowe (for herself, Mr. Dodd, and Mr. Kerry) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources
A BILL
To amend the Energy Policy and Conservation Act to modify the conditions for the release of products from the Northeast Home Heating Oil Reserve Account, and for other purposes.
Release of products from Northeast Home Heating Oil Reserve Account
Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 6250b) is amended by striking subsection (a) and inserting the following:
Findings
Optional releases
In general
Subject to paragraph (2), the Secretary may sell products from the Reserve only on a finding by the President that—
there is a severe energy supply interruption; or
the price of home heating oil threatens the health and safety of residents of the Northeast.
Requirement
The President may make a finding under subparagraph (A) only if the President determines that—
a dislocation in the heating oil market has resulted from an interruption described in subparagraph (A)(i);
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
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
action taken under this section would assist directly and significantly in reducing the adverse impact of the shortage.
Mandatory releases
In general
For each fiscal year, the Secretary shall sell—
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 (in 2008 dollars) on November 1 of that fiscal year;
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 (in 2008 dollars) on December 1 of that fiscal year;
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 (in 2008 dollars) on January 1 of that fiscal year;
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 (in 2008 dollars) on February 1 of that fiscal year; and
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 (in 2008 dollars) on March 1 of that fiscal year.
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.).
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