SEC. 2. CONTROL OF AND PROHIBITION ON THE EXPORT 
OF CRUDE OIL AND FINISHED OIL PRODUCTS 
(OTHER THAN NATURAL GAS) UNDER THE EX-
PORT CONTROL REFORM ACT OF 2018. 
(a) IN GENERAL.—Section 1754 of the Export Con-
trol Reform Act of 2018 (50 U.S.C. 4813) is amended 
by adding at the end the following: 
‘‘(g) CONTROL OF AND PROHIBITION ON EXPORT OF 
CRUDE OIL AND FINISHED OIL PRODUCTS (OTHER THAN 
NATURAL GAS).— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law (other than the provisions of this 
subtitle), the President shall control and prohibit the 
export of crude oil and finished oil products (other 
than natural gas) from the United States under the 
authority of section 1753 at any time if the Presi-
dent determines and certifies to the appropriate con-
gressional committees that the closing price of front 
month contracts for West Texas Intermediate crude 
oil— 
‘‘(A) has exceeded $70 per barrel for three 
consecutive trading days; 
‘‘(B) has exceeded $70 per barrel for five 
of the preceding 10 trading days; or 
‘‘(C) has exceeded $80 per barrel at any 
time. 
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‘‘(2) TERMINATION.—The President may termi-
nate the imposition of the prohibition required by 
paragraph (1) if the President determines and cer-
tifies to the appropriate congressional committees 
that— 
‘‘(A) the closing price of front month con-
tracts for West Texas Intermediate crude oil 
has not exceeded $70 per barrel for 15 consecu-
tive trading days; and 
‘‘(B) the current, available supply of crude 
oil in the United States is stable or increasing. 
‘‘(3) ADJUSTMENT FOR INFLATION.— 
‘‘(A) IN
GENERAL.—The President may 
adjust the dollar amounts specified in subpara-
graphs (A), (B), and (C) of paragraph (1) and 
paragraph (2)(A) on the date that is 60 days 
after the date of the enactment of this sub-
section, and at the beginning of each fiscal year 
thereafter, to reflect the percentage (if any) of 
the increase in the average of the Consumer 
Price Index for the preceding 12-month period 
compared to the Consumer Price Index for fis-
cal year 2021. 
‘‘(B) CONSUMER PRICE INDEX DEFINED.— 
In this paragraph, the term ‘Consumer Price 
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Index’ means the Consumer Price Index for All 
Urban Consumers published by the Bureau of 
Labor Statistics of the Department of Labor. 
‘‘(4) WAIVER.— 
‘‘(A) IN
GENERAL.—The President may 
waive the imposition of the prohibition required 
by paragraph (1) with respect to— 
‘‘(i) the export of crude oil or finished 
oil products (other than natural gas) pur-
suant to a contract or other legally binding 
obligation of an exporter that is in force as 
of the time the prohibition is to go into ef-
fect; and 
‘‘(ii) the export of crude oil or finished 
oil products (other than natural gas) to 
any foreign country if the President deter-
mines that it is in the national security in-
terests of the United States to do so. 
‘‘(B) CONGRESSIONAL
CERTIFICATION.— 
The President shall submit to the appropriate 
congressional committees a certification with re-
spect to each exercise of the waiver authority 
pursuant to subparagraph (A). 
‘‘(5) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES DEFINED.—In this subsection, the term ‘ap-
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propriate congressional committees’ means the Com-
mittee on Foreign Affairs of the House of Rep-
resentatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect on the date that is 30 days 
after the date of the enactment of this Act. 
Æ 
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