S. 2598, The Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on April 1, 2008, 20:08:25, by webmaster:

S. 2598 would increase the supply and lower the cost of petroleum by temporarily suspending the acquisition of petroleum for the Strategic Petroleum Reserve.

Detailed Summary

Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008 - Directs the Secretary of Energy to suspend, during calendar year 2008, petroleum acquisition for the Strategic Petroleum Reserve (SPR) through the royalty-in-kind program or any other acquisition method.

Authorizes resumption of such acquisition not earlier than 30 days after the Secretary notifies Congress that the weighted average price of petroleum in the United States for the most recent 90-day period is $50 or less per barrel.

Status of the Legislation

Latest Major Action: 2/6/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Energy and Natural Resources.

Points in Favor

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Points Against

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