CRUDE Act Continuing Robust and Uninhibited Drilling and Exporting Act
Impact
If enacted, HB1481 would significantly alter the current legislative framework surrounding oil exports. It introduces measures that would prevent arbitrary export limitations unless a nationwide emergency is declared by the President based on specific adverse findings related to employment and supply issues. Proponents argue that this change would bolster the energy sector by ensuring that U.S. crude oil continues to serve international markets without undue restrictions, potentially fostering economic growth and energy security.
Summary
House Bill 1481, also known as the CRUDE Act (Continuing Robust and Uninhibited Drilling and Exporting Act), aims to revise the existing authority of the President to impose export licensing requirements or other restrictions on the export of crude oil from the United States. The bill is a legislative response to the growing demands for energy independence and seeks to streamline export processes by limiting the circumstances under which export restrictions can be invoked. This includes specific criteria that must be met, primarily based on findings of significant adverse impacts on domestic employment and oil supply shortages.
Contention
The bill has generated a mix of support and opposition. Supporters, predominantly from the Republican side, advocate for diminished federal control over oil exports as a means to enhance economic development and advocate for a free market approach. Conversely, opponents express concerns regarding the potential risks of overexploitation and the need for regulatory oversight to manage domestic oil resources sustainably. The contention revolves around whether the economic benefits of increased oil exports outweigh the environmental and economic risks associated with reduced oversight.
Buy Low and Sell High Act This bill revises requirements concerning the Strategic Petroleum Reserve (SPR) and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply. For example, the bill directs the Department of Energy (DOE) to establish within the SPR an Economic Petroleum Reserve of up to 350 million barrels of crude oil. DOE must also establish a national network of Strategic Refined Petroleum Product Reserves to store up to 250 million barrels of gasoline and diesel fuel, which may be sold when there is a severe fuel supply interruption within the district in which the reserve is located. In addition, the bill increases the cap on the amount of barrels of petroleum distillate that may be stored in the Northeast Home Heating Oil Reserve from two million to four million. It also establishes limits on the sale and exportation of petroleum products from such reserves. Further, the bill establishes provisions concerning electrifying the transportation sector, zero-emission vehicles, and a program to increase the amount of crude oil refined in oil refineries in certain countries in the Western Hemisphere.
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