H.R. 6035, To authorize the Secretary of Energy to exchange light crude oil in the Strategic Petroleum Reserve for heavy crude oil, and for other purposes

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H.R. 6035 would authorize the Secretary of Energy to exchange light crude oil in the Strategic Petroleum Reserve for heavy crude oil.

Detailed Summary

Instructs the Secretary of Energy to: (1) publish an announcement in the Federal Register, within 14 days after the end of any period of ten consecutive days during which the price of oil exceeds $90 per barrel, offering 50 million barrels of light crude oil from the Strategic Petroleum Reserve (SPR) in exchange for heavy crude oil; and (2) establish a schedule distributing exchanges over a period of two years.

Sunsets the authority to enter into such exchange agreement one year after the date of enactment of this Act.

Status of the Legislation

Latest Major Action: 5/14/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Energy and Air Quality.

Points in Favor

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Points Against

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