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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 25, 1986.
Oil and Gas Production Revitalization Act - Title I: Oil Provisions - Repeals the windfall profit tax provisions regarding domestic crude oil. Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to assure that at least 50 percent (by volume) of petroleum products acquired for storage in the Strategic Petroleum Reserve during each fiscal year are derived from domestic crude oil production (if such products can be acquired at prices no less favorable to the United States than the price of comparable foreign petroleum products). Urges the administration to increase the exploration and development of domestic energy resources. Urges the Secretary of Commerce to: (1) immediately undertake a feasibility study regarding the national security effects and implications of current and projected levels of petroleum imports into the United States; and (2) analyze the economic impact of export restrictions on oil field equipment and drilling technology, with special emphasis on the effect of such restrictions on employment and growth of the U.S. economy. Title II: Natural Gas Provisions - Amends the Natural Gas Policy Act of 1978 to authorize the Federal Energy Regulatory Commission (the Commission) to: (1) allow any pipeline to transport natural gas on behalf of any person; (2) require pipelines to transport gas without discrimination; and (3) require pipelines which receive gas to provide nondiscriminatory transportation services. Requires the Commission (upon request by any person) to direct an interstate pipeline to provide transportation service (without discrimination) unless such pipeline demonstrates to the Commission that it is incapable of providing such service. Amends the Powerplant and Industrial Fuel Act of 1978 to: (1) repeal the prohibitions against the use by electric powerplants and major fuel-burning installations of petroleum and natural gas as primary energy sources; (2) remove the restrictions placed upon Federal major fuel-burning installations against the use of natural gas and petroleum as primary energy sources; and (3) repeal the guidelines for the emergency use of natural gas or petroleum as a primary energy source by any person operating a peakload powerplant or a major fuel-burning installation. Revokes the authority of the Secretary of Energy to require any major fuel-burning installation to furnish certain information regarding the use of primary energy sources of fuel. Amends the Natural Gas Policy Act of 1978 to repeal the natural gas incremental pricing provisions. States that incremental pricing rules promulgated by the Commission shall continue in effect only with respect to the flow-through of costs incurred before enactment of this Act including any surcharges based on such costs. Exempts from Federal or State antitrust laws any actions taken by independent producers' cooperative associations to market certain natural gas released for sale under the Natural Gas Policy Act of 1978. Directs the Commission to consider the full cost of the purchased gas when ascertaining whether any amount paid in any natural gas purchase for resale is just and reasonable. Title III: Regulatory Reform Provisions - Amends the Solid Waste Disposal Act to direct the Administrator of the Environmental Protection Agency to conduct a specified waste disposal study regarding crude oil, natural gas, or geothermal energy, with the participation of the Secretaries of Energy and of the Interior, as well as representatives of the affected industries, and of the State agencies that regulate these industries. Revises the deadline for the completion of such report from October 21, 1982, to January 1, 1989. Modifies the types of storage containers which are exempt from the definition of "underground storage tank" under the Act. Expresses the sense of the Congress that: (1) fundamentally different factor variances should be available for any facility subject to national effluent limitation guidelines; (2) certain recycling regulations regarding "mixture" and "derived from" should not be invoked to curtail petroleum industry recycling activities designed to conserve resources when there is no information to demonstrate that such activities threaten human health or the environment; (3) the Administrator of the Environmental Protection Agency should encourage continued use of land treatment for petroleum waste; and (4) the full cost method of accounting for oil and gas operations should continue to be recognized as an acceptable financial accounting practice.