Bill Summary & Status for the 106th Congress

NEW SEARCH | HOME | HELP
S.1951
Sponsor: Sen Schumer, Charles E.(introduced 11/17/1999)
Latest Major Action: 11/17/1999 Referred to Senate committee
Title: A bill 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.
Jump to: Titles, Status, Committees, Related Bill Details, Amendments, Cosponsors, Summary
TITLE(S):  ()
STATUS: (color indicates Senate actions) (Floor Actions/Congressional Record Page References)
11/17/1999:
Read twice and referred to the Committee on Energy and Natural Resources.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(5), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Sen Collins, Susan M. - 11/17/1999 Sen Dodd, Christopher J. - 1/31/2000
Sen Jeffords, James M. - 1/31/2000 Sen Lieberman, Joseph I. - 1/31/2000
Sen Reed, Jack - 2/8/2000

SUMMARY AS OF:
11/17/1999--Introduced.

Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to expand the circumstances under which a severe energy supply interruption shall be deemed to exist (thus permitting a drawdown of the Strategic Petroleum Reserve (SPR). Provides for the deeming of such an interruption when oil and gas prices in the United States increase to a level likely to cause a significant adverse impact on the national economy as a result of the anticompetitive conduct of one or more foreign countries or international entities.

Directs the President to present a status report to certain congressional committees if the price of a barrel of crude oil exceeds a specified price for a period greater than 14 days, including: (1) the impact upon the price of home heating oil; and (2) whether the President supports a drawdown and distribution from the SPR.