A bill to assure that the Department of Energy Organization Act collects and compiles sufficient and timely information from oil companies with which to monitor a steady supply of needed crude oil and derived products.

Summary

Amends the Department of Energy Organization Act to direct the Secretary of Energy to compile a report of the crude oil supplies received at all domestic refineries. Sets forth the specific information to be included in such report. Stipulates that all information supplied to the Secretary be subject to independent audit. Requires each major oil producing company to submit the maximum efficiency recovery rate figures on a field-by-field basis. Directs the Secretary to establish reasonable production levels for such companies at specified intervals. Directs the Secretary to notify the President and the Congress of the capacity of such companies to meet the energy needs of the Nation. Directs the Secretary to require such companies to produce not less than 95 percent of the reasonable production levels established. Directs the Secretary to take one or more of specified actions should such companies fail to meet such a level. Directs the Inspector General of the Department of Energy to report to Congress on the actions taken by the Secretary.

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1 official file

• Introduced in Senate

  summary · EN · 30 July 1979

  Open at official source

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