Strategic Petroleum Reserve Supplementary Private Financing Act of 1981

Summary

Strategic Petroleum Reserve Supplementary Private Financing Act of 1981 - Amends the Energy Policy and Conservation Act to direct the Secretary of the Treasury, in consultation with the Secretary of Energy, to: (1) establish procedures under which Strategic Petroleum Reserve fixed maturity certificates will be issued at least quarterly; and (2) commence issuance no later than October 1, 1981. Provides for the Congressional veto of such procedures. Provides that the certificates shall be: (1) issued in denominations denoting a quantity of crude oil; (2) issued in quantities sufficient, along with funds appropriated, to provide for an average daily fill rate of 230,000 barrels; (3) issued for a term of not more than seven years; (4) transferable; (5) redeemable quarterly by the Government; and (6) redeemed at maturity at the average weighted price of imported crude oil as determined one month prior to redemption. Provides that certificates will be sold at a reservation price to be fixed by the Secretary of the Treasury, in consultation with the Secretary of Energy, except that if the demand for certificates exceeds the number available, the certificates shall be auctioned. Provides that proceeds from the sale of certificates shall be issued to acquire crude oil for the Strategic Petroleum Reserve. Prohibits the issuance of certificates when the President directs a drawdown. Permits the distribution or drawdown of the Reserve if the President determines that there is a shortage of an amount equal to or exceeding ten percent (currently 20 percent) of the projected daily demand for crude oil. Exempts Reserve petroleum from price controls. Increases the annual average minimum rate of fill of the Reserve from 100,000 to 230,000 barrels daily. Extends the authority for the Reserve until June 30, 2000.

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1 official file

• Introduced in Senate

  summary · EN · 8 June 1981

  Open at official source

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