US Federal House Bill HB59

US Federal 2023-2024 Regular Session

• Introduced: 1/9/23
• Refer: 1/9/23

Caption

Save America’s Valuable Energy Act or the SAVE Act This bill directs the Department of Energy (DOE) to prohibit the sale of petroleum products (e.g., crude oil) from the Strategic Petroleum Reserve (SPR) to certain entities. Specifically, DOE must prohibit the sale of petroleum products from the SPR to entities headquartered in Russia. Further, DOE must prohibit the sale of petroleum products from the SPR to entities headquartered in countries (Belarus, Burma, China, Cuba, Iran, North Korea, Syria, and Venezuela) that are subject to certain prohibitions concerning exports of defense articles and services under the Department of State's International Traffic in Arms Regulations.

Impact

If enacted, HB 59 would significantly impact how the United States manages its Strategic Petroleum Reserve, restricting sales to certain foreign entities that are not aligned with U.S. interests. This could lead to reduced foreign influence over domestic energy resources and aims to enhance national security by ensuring that these critical resources are not supplied to adversaries. The bill aligns with broader governmental efforts to shield American energy infrastructure from potential threats posed by hostile nations.

Summary

House Bill 59, known as the 'Save America’s Valuable Energy Act' or the 'SAVE Act', aims to amend the Energy Policy and Conservation Act to prohibit the sale of petroleum products from the Strategic Petroleum Reserve (SPR) to specific entities. This bill is particularly focused on entities headquartered in countries deemed adversarial, including Russia and several others like Belarus, China, and Iran. The bill emphasizes the need for national security and the importance of maintaining control over domestic energy resources in light of geopolitical tensions.

Contention

Support for HB 59 is likely driven by a desire to protect American energy resources and secure the nation against foreign manipulation. However, there may be discussions around the implications for global oil markets and international relations, particularly for allies that may find themselves on the prohibited list due to association or trade relations with adversarial countries. Critics may argue that such prohibitions could stifle trade or affect global oil prices, raising concerns about the balance between national security and economic stability.