Oil Price Safeguard Act

Summary

Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to declare that a severe energy supply interruption, warranting a drawdown from the Strategic Petroleum Reserve (SPR), shall be deemed to exist if the President determines that: (1) there is a significant reduction in the supply of petroleum of significant scope and duration that has caused a significant increase in the price of petroleum products; (2) the price increase is likely to cause a significant adverse impact on the national economy; and (3) a substantial cause of the reduction in supply is the anticompetitive conduct of foreign countries or international entities. Requires the President to report to certain congressional committees if the price of a barrel of crude oil exceeds $35 for a period greater than 14 days.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 November 2004

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• Introduced in House (PDF)

  Introduced in House · EN · 19 November 2004

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• Introduced in House

  summary · EN · 19 November 2004

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