Bill Summary & Status for the 106th Congress

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H.R.3533
Sponsor: Rep Ackerman, Gary L.(introduced 1/27/2000)
Related Bills: H.R.3543
Latest Major Action: 2/7/2000 Referred to House subcommittee
Title: To provide the Secretary of Energy with authority to draw down the Strategic Petroleum Reserve when oil and gas prices in the United States rise sharply because of anticompetitive activity, and to require the President, through the Secretary of Energy, to consult with Congress regarding the sale of oil from the Strategic Petroleum Reserve.
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TITLE(S):  ()
STATUS: (color indicates Senate actions)
1/27/2000:
Referred to the House Committee on Commerce.
2/7/2000:
Referred to the Subcommittee on Energy and Power.
COMMITTEE(S):
RELATED BILL DETAILS:  (additional related bills may be indentified in Status)

AMENDMENT(S):

***NONE***

COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Crowley, Joseph - 1/27/2000 Rep Forbes, Michael P. - 1/27/2000
Rep Lazio, Rick - 1/27/2000 Rep Lowey, Nita M. - 1/27/2000

SUMMARY AS OF:
1/27/2000--Introduced.

Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to deem a severe energy supply to exist if the President determines that: (1) a significant reduction in petroleum supply of significant scope and duration has caused a significance increase in the price of petroleum products which is likely to cause a significant adverse impact upon the national economy; and (2) a substantial cause of such reduction is the anticompetitive conduct of foreign countries or international entities.

Mandates that proceeds from petroleum sales drawn down pursuant to the President's determination be deposited in the Strategic Petroleum Reserve (SPR) Account and used exclusively for specified Account purposes.

Requires the President to report certain information and analyses to specified congressional committees if crude oil prices exceed $25 per barrel for more than 14 days.