H.R. 4904 (98th): A bill to stabilize domestic oil prices by creating an independent corporation to buy and sell crude oil and petroleum products.

Introduced:
Feb 22, 1984 (98th Congress, 1983–1984)
Status:
Died (Referred to Committee)
See Instead:

H.R. 5999 (same title)
Referred to Committee — Jun 29, 1984

H.R. 5385 (same title)
Referred to Committee — Apr 05, 1984

Sponsor
Richard Ottinger
Representative for New York's 20th congressional district
Party
Democrat
Related Bills
H.R. 5999 (identical)

Referred to Committee
Last Action: Jun 29, 1984

H.R. 5385 (identical)

Referred to Committee
Last Action: Apr 05, 1984

 
Status

This bill was introduced on February 22, 1984, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 22, 1984
Referred to Committee Feb 22, 1984
 
Summary

No summaries available.

Cosponsors
7 cosponsors (7D) (show)
Committees

House Energy and Commerce

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/22/1984--Introduced.
Creates the Oil Trading Corporation (the Corporation) to:
(1) acquire crude oil and petroleum products;
(2) acquire storage facilities;
(3) use, lease, or dispose of the storage facilities;
(4) maintain reserves of crude oil and petroleum products;
(5) transport crude oil and petroleum products; and
(6) sell crude oil and petroleum products to maximize the stabilization of market forces during times of oil shortages.
States that the Corporation shall have perpetual existence unless and until its charter is revoked or modified by Congress. Sets forth provisions relating to:
(1) general corporate powers;
(2) the Board of Directors; and
(3) capitalization.
Provides that:
(1) the President shall appoint, by and with the advice and consent of the Senate, five members of the Board of Directors, four of whom must be selected from lists submitted by the House and Senate to the President; and
(2) four members of the Board shall be elected by the Class B stockholders.
States that the capital of the Corporation shall consist of capital subscribed by organizations, foundations, trusts, public bodies, and other public and private bodies, and the United States. Authorizes appropriations for FY 1985 to purchase class A stock.
Authorizes the Corporation to issue class B stock to any U.S. person.
Limits sales of crude oil and petroleum products to holders of class B stock.
Directs the Corporation to determine the number of shares of class B stock required to be held by a purchaser of crude oil and petroleum products.
Requires the Corporation to:
(1) hold an annual stockholders meeting which shall be open to the public; and
(2) give a report of its activities for the year at such meeting.
Authorizes the Corporation to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness.
States that such obligations shall not be guaranteed by the United States. Requires an annual report to Congress by the Corporation. Provides that January 1, 1995, shall be the final Government equity redemption date.
Prohibits the Corporation from exploring for, developing, or refining crude oil.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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