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Text of the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008

This bill was introduced on February 6, 2008, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 6, 2008 (Introduced).

Source: GPO

II

110th CONGRESS

2d Session

S. 2598

IN THE SENATE OF THE UNITED STATES

February 6, 2008

(for himself, Mr. Bingaman, Mr. Levin, Mr. Kerry, Ms. Collins, Mr. Lieberman, and Mr. Wyden) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources

A BILL

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

1.

Short title

This Act may be cited as the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008.

2.

Suspension of petroleum acquisition for Strategic Petroleum Reserve

(a)

In general

Except as provided in subsection (b) and notwithstanding any other provision of law, during calendar year 2008, the Secretary of Energy shall suspend acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method.

(b)

Resumption

The Secretary may resume acquisition of petroleum for the Strategic Petroleum Reserve through the royalty-in-kind program or any other acquisition method under subsection (a) not earlier than 30 days after the date on which the Secretary notifies Congress that the Secretary has determined that the weighted average price of petroleum in the United States for the most recent 90-day period is $50 or less per barrel.