Crude Oil Retention Act of 1986

Summary

Crude Oil Retention Act of 1986 - Reaffirms the intent of the Congress that the Strategic Petroleum Reserve be filled to a minimum level of 750,000,000 barrels. Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to provide that such Reserve will be filled only with certain crude oil produced in the United States from specified stripper well property at an annual minimum average daily rate of 300,000 barrels. Prescribes a minimum $15 fee to be paid by the Secretary for each such crude oil barrel. Authorizes State discretion in the use of funds received as a result of any judicial proceeding involving petroleum pricing violations. Expresses the sense of the Congress that: (1) the Congress will not approve any tax reform legislation reducing the benefits from the deductions for percentage depletion and intangible drilling and development costs for oil and gas wells; and (2) only those excise taxes shall be deposited into the Hazardous Substance Response Trust Fund which were so used before September 30, 1985. Amends the Tariff Schedules of the United States to increase certain duties on petroleum and petroleum products. Establishes the Supplemental Deficit Reduction Trust Fund for the reduction of the Federal deficit. Directs the Secretary of the Treasury to transfer into such Fund those amounts attributable to all customs duties imposed on a per barrel basis upon petroleum and natural gas products. Directs the Secretary of Energy to sell the Naval Petroleum Reserve.

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1 official file

• Introduced in House

  summary · EN · 9 April 1986

  Open at official source

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