Buy Low and Sell High Act

Summary

Buy Low and Sell High Act This bill revises requirements concerning the Strategic Petroleum Reserve (SPR), establishes an Economic Petroleum Reserve, creates a national network of Strategic Refined Petroleum Product Reserves, increases the size of the Northeast Home Heating Oil Reserve, limits the sale and exportation of petroleum products, and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply. Specifically, the bill directs the Department of Energy (DOE) to establish within the SPR an Economic Petroleum Reserve of up to 350 million barrels of crude oil. DOE may acquire crude oil from domestic producers at low prices and then sell the oil when the prices are high as specified by the bill. DOE must also establish a national network of Strategic Refined Petroleum Product Reserves to store up to 250 million barrels of gasoline and diesel fuel, which may be sold when there is a severe fuel supply interruption within the district in which the reserve is located. In addition, the bill increases the cap on the amount of barrels of petroleum distillate that may be stored in the Northeast Home Heating Oil Reserve from two million to four million. It also establishes limits on the sale and exportation of petroleum products from such reserves. For example, the bill prohibits the sale or export of fuel from the reserves to (1) China, North Korea, Russia, or Iran; (2) any other country under U.S. sanctions; or (3) any entity owned, controlled, or influenced by one of those countries or the Chinese Communist Party. However, DOE may issue a waiver of the prohibition if it is in the national security interests of the United States to allow such a sale or export. Finally, the bill establishes requirements and incentives to reduce fuel demand and increase fuel supply, including by (1) providing financial assistance for projects to electrify the transportation sector, (2) setting requirements concerning the minimum percentage of federal vehicles that must be zero-emission vehicles, and (3) directing DOE to establish a program to increase the amount of crude oil refined in oil refineries in certain countries in the Western Hemisphere.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 September 2022

   Introduced

   Referred to the Committee on Energy and Commerce, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 26 September 2022

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 September 2022

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 September 2022

   Referred

   Referred to the Subcommittee on Energy.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 September 2022 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 September 2022

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 September 2022

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 26 September 2022

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  Vertaal document

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Sponsors

• Rep. Pallone, Frank [D-NJ-6] · D · Sponsor
• Rep. Rush, Bobby L. [D-IL-1] · D · Sponsor
• Rep. Kuster, Ann M. [D-NH-2] · D · Sponsor
• Rep. O'Halleran, Tom [D-AZ-1] · D · Sponsor
• Rep. Trone, David J. [D-MD-6] · D · Sponsor
• Rep. Spanberger, Abigail Davis [D-VA-7] · D · Sponsor
• Rep. Harder, Josh [D-CA-9] · D · Sponsor
• Rep. Craig, Angie [D-MN-2] · D · Sponsor
• Rep. Crow, Jason [D-CO-6] · D · Sponsor
• Rep. Trahan, Lori [D-MA-3] · D · Cosponsor
• Rep. Hayes, Jahana [D-CT-5] · D · Cosponsor
• · hsif00 · Standing
• · hsgo00 · Standing

Related records

• related to → Banning Oil Exports to Foreign Adversaries Act
• related to → Buy Low and Sell High Act
• related to ← Home Heating Oil Price Reduction Act