Private Equity Petroleum Reserve Act

Summary

Private Equity Petroleum Reserve Act - Amends the Energy Policy and Conservation Act to provide for the sale of transferable petroleum equity certificates for petroleum stored in the Strategic Petroleum Reserve, redeemable at maturity or in the event of a drawdown of the Strategic Petroleum Reserve. Provides procedures for the issuance of such certificates and the determination of their price. Requires proceeds from certificate sales to be used to acquire crude oil for the Reserve. Provides that at maturity a certificate holder may either renew the certificate for an additional period or redeem the certificates. Sets forth methods to determine amounts payable to certificate holders at redemption. Directs the Secretary of Energy to designate certain crude oil for which certificates have not been issued as Government equity petroleum. Prohibits the application of any Federal price restrictions to: (1) the sale to the United States of any petroleum product for storage in the Reserve; or (2) any sale of a petroleum product drawn down from the Reserve. Increases the annual average minimum rate of fill of the Reserve from 100,000 to 200,000 barrels daily. Extends the authority for the Reserve until June 30, 2000.

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1 official file

• Introduced in House

  summary · EN · 4 March 1981

  Open at official source

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