Strategically Lowering Gas Prices Act

Bill: 118-s-3655
Sponsor: full_name: Sen. Budd, Ted [R-NC]
Introduced: 2024-01-24
Policy area: Energy
Latest action: action_date: 2024-01-24
text: Read twice and referred to the Committee on Energy and Natural Resources.

Summaries:

tv_txt: II 118th CONGRESS 2nd Session S. 3655 IN THE SENATE OF THE UNITED STATES January 24, 2024 Mr. Budd (for himself, Mr. Sullivan , Mr. Ricketts , Mr. Schmitt , and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To prohibit a drawdown and sale of petroleum products from the Strategic Petroleum Reserve if the President has withdrawn certain land from oil and gas leasing, and for other purposes.

1. Short title This Act may be cited as the Strategically Lowering Gas Prices Act . 2. Drawdown and sale of petroleum products Section 161 of the Energy Policy and Conservation Act ( 42 U.S.C. 6241 ) is amended by adding at the end the following: (k) Effect of withdrawal of lands (1) Withdrawal by the President (A) In general Notwithstanding subsections (d) and (h), the Secretary may not draw down and sell petroleum products from the Reserve pursuant to a finding made by the President under this section if the President, the Secretary of the Interior, or the Secretary of Agriculture, as determined by the Inspector General of the Department of the Interior, has withdrawn land after the date of enactment of this subsection that is subject to disposition under any of the mineral leasing laws from oil and gas leasing. (B) Timeline The Inspector General of the Department of the Interior shall— (i) make a determination required under subparagraph (A) not later than 30 days after the President, the Secretary of the Interior, or the Secretary of Agriculture has withdrawn land after the date of enactment of this subsection that is subject to disposition under any of the mineral leasing laws from oil and gas leasing; and (ii) publish the determination required under subparagraph (A) in the Federal Register. (2) Withdrawal by statute For purposes of paragraph (1), a withdrawal of land from oil and gas leasing provided by an Act of Congress shall not be considered a withdrawal by the President. (3) Exception Paragraph (1) shall not apply with respect to a drawdown and sale that is required by a severe energy supply interruption that, as determined by the Secretary, was caused by— (A) an act of sabotage; (B) an act of war; (C) an act of terrorism; or (D) an act of God. .