To authorize the Secretary of Energy to exchange light crude oil in the Strategic Petroleum Reserve for heavy crude oil, and for other purposes.

Summary

Instructs the Secretary of Energy to: (1) publish an announcement in the Federal Register, within 14 days after the end of any period of ten consecutive days during which the price of oil exceeds $90 per barrel, offering 50 million barrels of light crude oil from the Strategic Petroleum Reserve (SPR) in exchange for heavy crude oil; and (2) establish a schedule distributing exchanges over a period of two years. Sunsets the authority to enter into such exchange agreement one year after the date of enactment of this Act.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 May 2008

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• Introduced in House (PDF)

  Introduced in House · EN · 13 May 2008

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• Introduced in House

  summary · EN · 13 May 2008

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