HR 5252 IH

106th CONGRESS

2d Session

H. R. 5252

To require the release of petroleum from the Strategic Petroleum Reserve to address the burdens on the citizens of the United States of the anticipated high home heating costs of the winter of 2000-2001.

IN THE HOUSE OF REPRESENTATIVES

September 21, 2000

Mr. FRANKS of New Jersey (for himself and Mr. FRELINGHUYSEN) introduced the following bill; which was referred to the Committee on Commerce

A BILL

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Release Our Reserve Now Act'.

SEC. 2. FINDINGS.

The Congress finds that--

(1) the United States is facing a national energy crisis, and the President has not exercised the authority provided under the Energy Policy and Conservation Act to draw down the Strategic Petroleum Reserve to address that crisis;

(2) home heating oil prices for the coming winter could jump 40 percent higher than they were last winter because of historically low inventories;

(3) natural gas prices could be 55 percent higher than they were last winter because of historically low inventories;

(4) anticipated and unprecedented home heating oil costs will continue to place a financial strain on families and small business owners nationwide; and

(5) it is imperative that steps be taken now to address the needs of low-income families and seniors living on fixed incomes before the cold weather starts.

SEC. 3. REQUIRED DRAWDOWN.

The President shall immediately take such actions as are necessary to result in a drawdown of petroleum from the Strategic Petroleum Reserve to address the burdens on the citizens of the United States of the anticipated high home heating costs of the winter of 2000-2001. The President shall ensure that petroleum products released pursuant to this Act are not sold outside the United States.

END