Title: Strategic Petroleum Reserve Replenishment Act
Policy area: Energy

Summary:
Strategic Petroleum Reserve Replenishment Act
This bill requires the Department of Energy to acquire additional petroleum products (up to a specified limit) for the Strategic Petroleum Reserve when the price of petroleum falls below a designated threshold.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7963 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7963

 To replenish the Strategic Petroleum Reserve, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 7, 2022

  Mr. Estes introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
 To replenish the Strategic Petroleum Reserve, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Strategic Petroleum Reserve 
Replenishment Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) On May 5, 2022, the Department of Energy announced ``a 
        long-term replenishment plan'' for the Strategic Petroleum 
        Reserve under which the Department ``intends to begin a rule-
        making proceeding to consider broadening DOE's buyback 
        regulations to allow for a competitive, fixed-price bid process 
        as an alternative to the index-pricing that is traditionally 
        used''.
            (2) Such fixed-price bid process is not a traditional 
        mechanism used by oil traders.

SEC. 3. REPLENISHING THE STRATEGIC PETROLEUM RESERVE.

    (a) In General.--Subject to the provisions of section 160 of the 
Energy Policy and Conservation Act (42 U.S.C. 6240) and the 
availability of appropriations for such purpose, the Secretary of 
Energy shall acquire, by purchase, exchange, or otherwise, a minimum of 
3,600,000 barrels of petroleum products for storage in the Strategic 
Petroleum Reserve per month during the period that--
            (1) begins on the date that is the first day of the month 
        following the date that the Secretary of Energy determines is 
        the first date after the date of enactment of this Act that the 
        West Texas Intermediate spot price per barrel has been $90 or 
        less for a period of 100 consecutive days; and
            (2) ends on the date that the Secretary of Energy 
        determines is the first date after the date of enactment of 
        this Act that the Strategic Petroleum Reserve stores at least 
        710,000,000 barrels of petroleum products.
    (b) Use of Index-Based Pricing.--In purchasing petroleum products 
pursuant to this Act, the Secretary of Energy shall use an index-based 
bidding process.
    (c) Treatment as Additional Acquisitions.--Any acquisition of 
petroleum products made pursuant to this Act shall be in addition to 
(and not in lieu of) acquisitions of petroleum products the Secretary 
of Energy would otherwise make pursuant to part B of the Energy Policy 
and Conservation Act (42 U.S.C. 6231 et seq.).
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