Petroleum Security Act of 1987

Summary

Petroleum Security Act of 1987 - Establishes in the Treasury the Petroleum Security Trust Fund to be used solely for the acquisition, transportation, and injection of crude oil for storage in the U.S. Strategic Petroleum Reserve (SPR). Requires the Secretary of Energy to purchase oil for such storage at an annualized minimum rate of not less than 100,000 barrels per day. Directs the Secretary to submit to the Congress quarterly projections of the Fund's sufficiency to fill the SPR to 750,000,000 barrels. Amends the Energy Policy and Conservation Act to: (1) require the President to carry out petroleum acquisition, transportation, and injection activities, subject to the availability of money in the Fund, until the Secretary certifies SPR storage of 750,000,000 barrels; and (2) increase from 75,000 to 100,000 barrels per day the minimum SPR fill rate required in order to permit sales or other dispositions from the Naval Petroleum Reserve Number 1 (Elk Hills) to customers other than the SPR. Increases the rate of duty on imported crude petroleum, motor fuel, kerosene, certain naphthas, and certain liquid forms of hydrocarbon mixtures as a user fee to provide revenue for the Fund. Directs the Secretary to forecast on a continuing basis the sufficiency of this surcharge to maintain adequate Fund levels.

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1 official file

• Introduced in Senate

  summary · EN · 26 February 1987

  Open at official source

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