Strategic Energy Reserves Act

Summary

Strategic Energy Reserves Act - Title I: General Provisions - States that it is the policy of the United States to create over a period of five years, and to maintain thereafter, strategic energy reserves capable of replacing energy imports for at least ninety days in order to reduce the impact of interruptions or reductions in imports of energy supplies. Title II: Strategic Energy Reserve System - States that, in order to protect the United States economy against interruptions in energy imports and to provide adequate energy inventories for national security purposes, there is hereby created a strategic energy reserve system for those fuels subject to the provisions of this Act which shall be composed of the following: (1) industry storage reserves; (2) utility storage reserves; (3) national strategic energy reserves; and (4) coal storage reserves. Establishes in the Federal Energy Administration a Strategic Energy Reserve Office. States that the Administrator acting through the Office shall exercise authority over the establishment, management, and replenishment of the strategic energy reserve system provided for in this Act. Title III: Administration - States that the Administrator may order the use of all or any part of the strategic reserves established pursuant to this Act, when imports of crude oil, residual oil, and refined petroleum products have fallen, or will within 30 days, significantly below existing requirements for such imports, resulting in a 10 percent import shortage. Establishes in the Treasury a Strategic Energy Reserves Fund into which all import fees levied on petroleum imports shall be paid. Provides for disclosure by, and inspection and investigation of, importers and users of fuels subject to this Act. Authorizes to be appropriated such funds as are necessary for the implementation of this Act.

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Documents

2 official files

• Passed Senate amended

  summary · EN · 8 July 1975

  Open at official source

• Introduced in Senate

  summary · EN · 12 February 1975

  Open at official source

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