Emergency Federal Crude Oil Sale, Use and Storage Act of 1980

Summary

Emergency Federal Crude Oil Sale, Use, and Storage Act of 1980 - Directs the Secretary of Energy, the Secretary of the Interior, and the heads of other Federal agencies having responsibility for the disposition of Federal crude oil to undertake a study of alternative means for the disposition of such oil and the economic implications of such alternatives on the domestic economy. Requires that such report be transmitted to Congress within 120 days of the date of enactment. Authorizes the Secretary of Energy, pending completion of such study, to extend, for a period of up to 120 days with the concurrence of the existing purchaser, the contracts for the sale of Federal crude oil produced from the Elk Hills and Teapot Dome Naval Petroleum Reserves. Directs the Secretary of Energy and the Secretary the Interior, after consultation with the appropriate Federal agency heads, to develop a program for the use and disposition of Federal crude oil in accordance with this Act. Authorizes the Secretary of Energy and the Secretary of the Interior to implement such program by: (1) storing such crude oil in the Strategic Petroleum Reserve; (2) entering into contracts to have such crude oil refined into products to be used by the Department of Defense and other Federal agencies or exchanged for products to be used by such departments or agencies; and (3) selling such crude oil at prices not in excess of the average price of domestic crude oil exempted price controls. Sets forth specified preferences and limitations concerning such sales. Exempts Federal royalty crude oil from the provisions of this Act, except that any such oil not presently subject to price controls shall be sold at prices not in excess of the average price of domestic crude oil exempted from price controls. Terminates the authority contained in this Act one year from the date of its enactment. Voids any proposed sale or bid awards or contracts entered into by the Secretary of Energy between January 1, 1980 and February 1, 1980.

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1 official file

• Introduced in Senate

  summary · EN · 24 January 1980

  Open at official source

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