If enacted, this bill may significantly affect the management and operational protocols surrounding the SPR, effectively establishing an oversight mechanism to review government actions that may influence the oil market ahead of elections. By requiring reports during this sensitive time frame, the bill seeks to prevent any misuse of the SPR for political gains, addressing public concerns over the politicization of energy reserves. This could lead to more stringent accountability measures within the Department of Energy, ultimately impacting how fuel reserves are managed in the lead-up to elections.
Summary
House Bill 2759, known as the Strategic Petroleum Reserve Transparency Act, introduces a requirement for special notice regarding any drawdowns or sales from the Strategic Petroleum Reserve (SPR) during the five months prior to federal general elections. The bill aims to enhance transparency by mandating that the Secretary of Energy submit a written report to Congress concurrently with any drawdown or sale, outlining the reasons behind such actions. This initiative is intended to ensure that any potential political motivations associated with fuel sales close to elections are clearly communicated to lawmakers.
Contention
The Strategic Petroleum Reserve Transparency Act can be expected to generate debates around government intervention in energy policy and transparency in election-related matters. Proponents may argue that deeper scrutiny is necessary to ensure fair play in election seasons, especially given the volatile nature of oil prices and public perception. Critics, on the other hand, may contend that such regulations could impede timely responses to urgent energy needs and complicate the government's ability to manage fuel reserves effectively during critical periods.
Strategic Production Response Act This bill limits the drawdown of petroleum in the Strategic Petroleum Reserve until the Department of Energy develops a plan to increase the percentage of federal lands leased for oil and gas production.
Strategic Production Response Act or the SPR Act This bill limits the drawdown of petroleum in the Strategic Petroleum Reserve (SPR) until the Department of Interior issues a plan or updates a previously issued plan to increase the production of oil and gas on federal land. However, Interior may drawdown petroleum in the SPR if there is a severe energy supply interruption. The bill defines federal land to (1) include Outer Continental Shelf land; and (2) exclude land otherwise not available for oil and gas development within the National Park System, the National Wildlife Refuge System, the National Wilderness Preservation System, a National Marine Sanctuary, or Indian land.
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.
Protecting America's Strategic Petroleum Reserve from China Act This bill prohibits the sale and export of crude oil from the Strategic Petroleum Reserve (SPR) to China. Specifically, the bill prohibits the Department of Energy (DOE) from selling petroleum products (e.g., crude oil) from the SPR to any entity that is under the ownership, control, or influence of the Chinese Communist Party. Further, DOE must require as a condition of any sale of crude oil from the SPR that the oil not be exported to China.
Strategic Production Response and Implementation ActThis bill modifies the Energy Policy and Conservation Act to prohibit the Department of Energy (DOE) from drawing down petroleum products in the Strategic Petroleum Reserve until DOE develops and implements a plan to increase the percentage of federal lands leased for oil and gas production. The increase must be equal to the percentage of petroleum in the Strategic Petroleum Reserve that is to be drawn down. However, the bill does not apply to a drawdown of petroleum products in the case of a severe energy supply interruption, which is permitted under current law. The plan must not provide for a total increase in the percentage of federal lands leased for oil and gas production in excess of 10%.