Strategic Petroleum Reserve Amendments Act of 1981

Summary

Strategic Petroleum Reserve Amendments Act of 1981 - Amends the Energy Policy and Conservation Act to direct the President to increase crude oil storage in the Strategic Petroleum Reserve to an average annual rate of at least 300,000 barrels per day as a sustained average annual daily rate of fill which would fully utilize funds available in the Strategic Petroleum Reserve Account. Amends the Energy Security Act to establish in the Energy Security Reserve a subaccount, the Strategic Petroleum Reserve Account. States that funds in the Account shall be used to acquire petroleum for the Reserve. Authorizes funds for Strategic Petroleum Reserve petroleum acquisition borrowing authority from funds appropriated to the Energy Security Reserve. Prohibits, unless either there is at least 750,000,000 barrels of crude oil stored in the Reserve or the crude oil in storage will be increased at an average rate of at least 300,000 barrels daily, any portion of the United States share of crude oil in the Naval Petroleum Reserve Numbered 1, 2, or 3 or any Federal royalty oil from being: (1) sold, unless proceeds are deposited in the Strategic Petroleum Reserve Account or the appropriate subaccount; (2) exchanged, other than for oil to be stored in the Reserve; or (3) otherwise disposed of, other than for storage in the Reserve. Requires that the proceeds from any sale of the Federal share of petroleum produced from the Naval Petroleum Reserves be deposited in the Strategic Petroleum Reserve Account. Authorizes the President, acting through the Secretary of Energy, to contract with any State to store petroleum in the Reserve the title to which shall remain with the State. Directs the President, by October 1, 1981, acting for the Secretary of the Treasury, to issue Strategic Petroleum Reserve Securities for sale in the private securities market. Directs the President to transmit to Congress a study on implementation of an Industrial Petroleum Reserve as part of the Strategic Petroleum Reserve, or as additional storage.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 15 May 1981

  Open at official source

• Introduced in Senate

  summary · EN · 10 April 1981

  Open at official source

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