A bill to stabilize domestic oil prices by creating an independent corporation to buy and sell crude oil and petroleum products.

Summary

Creates the Oil Trading Corporation (the Corporation) to: (1) acquire crude oil and petroleum products; (2) acquire storage facilities; (3) use, lease, or dispose of the storage facilities; (4) maintain reserves of crude oil and petroleum products; (5) transport crude oil and petroleum products; and (6) sell crude oil and petroleum products to maximize the stabilization of market forces during times of oil shortages. States that the Corporation shall have perpetual existence unless and until its charter is revoked or modified by Congress. Sets forth provisions relating to: (1) general corporate powers; (2) the Board of Directors; and (3) capitalization. Provides that: (1) the President shall appoint, by and with the advice and consent of the Senate, five members of the Board of Directors, four of whom must be selected from lists submitted by the House and Senate to the President; and (2) four members of the Board shall be elected by the Class B stockholders. States that the capital of the Corporation shall consist of capital subscribed by organizations, foundations, trusts, public bodies, and other public and private bodies, and the United States. Authorizes appropriations for FY 1985 to purchase class A stock. Authorizes the Corporation to issue class B stock to any U.S. person. Limits sales of crude oil and petroleum products to holders of class B stock. Directs the Corporation to determine the number of shares of class B stock required to be held by a purchaser of crude oil and petroleum products. Requires the Corporation to: (1) hold an annual stockholders meeting which shall be open to the public; and (2) give a report of its activities for the year at such meeting. Authorizes the Corporation to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. States that such obligations shall not be guaranteed by the United States. Requires an annual report to Congress by the Corporation. Provides that January 1, 1995, shall be the final Government equity redemption date. Prohibits the Corporation from exploring for, developing, or refining crude oil.

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Documents

1 official file

• Introduced in House

  summary · EN · 5 April 1984

  Open at official source

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