Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Gasoline Availablity Stabilization
(GAS) Reserves Act''.

SEC. 2. GASOLINE AVAILABILITY STABILIZATION RESERVE.

(a) Establishment.--
(1) Authority.--The Secretary shall establish a Gasoline
Availability Stabilization Reserve (in this section referred to
as the ''GAS Reserve'') system with a total capacity of
20,000,000 barrels of regular unleaded gasoline.
(2) Reserve sites.--Not later than 1 year after the date of
enactment of this Act, the Secretary shall determine a site for
one GAS Reserve each in the Northeast and Midwest regions of
the United States, and one in California. Such reserve sites
shall be operational within 2 years after the date of enactment
of this Act. The Secretary may establish two additional GAS
Reserve sites at locations selected by the Secretary.
(3) Security.--In establishing the GAS Reserve under this
section, the Secretary shall obtain the concurrence of the
Secretary of Homeland Security with respect to physical design
security and operational security.
(b) Transportation Plan.--Not later than 2 years after the date of
enactment of this Act, the Secretary shall transmit to the Congress,
the Secretary of Homeland Security, and the Governor of each State in
which a reserve will be sited a plan for the transportation of the
contents of the GAS Reserve under this section to consumers in the
event of an emergency sale under subsection (d).
(c) Fill Date.--The Secretary shall complete the process of filling
the GAS Reserve under this section by March 1, 2006.
(d) Emergency Sale Authorization.--The Secretary shall sell
gasoline from the GAS Reserve if--
(1) the Governor of a State transmits to the Secretary a
written request for GAS Reserve emergency sales assistance
which--
(A) cites a physical disruption in the system
supplying gasoline to the Governor's State; and
(B) demonstrates to the satisfaction of the
Secretary that such disruption is likely to result in
price volatility for retail gasoline markets in the
Governor's State; and
(2) the Secretary determines that--
(A) GAS Reserve emergency sales would mitigate
gasoline price volatility in the Governor's State;
(B) GAS Reserve emergency sales would not have an
adverse effect on the long-term economic viability of
retail gasoline markets in the Governor's State and
adjacent States;
(C) the physical disruption described in paragraph
(1)(A) is likely to result in general economic
disruption in the Governor's State and adjacent States;
and
(D) GAS Reserve emergency sales would serve to
stabilize gasoline prices, not suppress prices below
long-term market trend levels.
(e) Procedure.--
(1) Secretary's response.--The Secretary shall respond to a
request transmitted under subsection (d)(1) within 10 days of
receipt of a request by--
(A) approving the request;
(B) denying the request; or
(C) requesting additional supporting information.
(2) Approval.--If the Secretary approves a request, the
Secretary shall provide to the Governor a written notice of
approval that includes--
(A) a description of the GAS Reserve emergency sale
plan; and
(B) an explanation of the Secretary's decision.
(3) Denial.--If the Secretary denies a request, the
Secretary shall provide to the Governor a written notice of
denial that includes an explanation of the Secretary's
decision.
(4) Additional information.--If the Secretary requests
additional information and the Governor does not respond for a
period of 10 days, the Governor's request shall be denied. If
the Governor provides all requested additional information in
timely manner, the Secretary shall approve or deny the request
within 10 days after receipt of such information.
(f) Maintenance Transactions.--The Secretary is authorized to
conduct purchases and sales of gasoline at wholesale for maintenance of
the GAS Reserve system. In conducting maintenance transactions, the
Secretary shall ensure that--
(1) the GAS Reserve is available to respond to emergencies
during periods of the annual gasoline market cycle when the
Secretary expects demand to be highest;
(2) the GAS Reserve does not contain gasoline for a period
of time so long as to jeopardize its quality; and
(3) maintenance transactions are timed so as to minimize
their impact on the retail price of gasoline.
(g) Reports.--Not later than November 1 of each year, the Secretary
shall transmit to the Committee on Energy and Commerce of the House of
Representatives and to the Committee on Energy and Natural Resources of
the Senate a report on the GAS Reserve program, describing the physical
status of GAS Reserve facilities, the program's financial outlook, and
the disposition of any emergency sales request received and any
emergency sales conducted since the last report, and recommending any
additional appropriations or technical changes appropriate to improve
the program's operation.
(h) Authorization of Appropriations.--There are authorized to be
appropriated to the Secretary such sums as may be necessary for
construction and operation of the GAS Reserve for fiscal years 2004
through 2009.
Output:
Gasoline Availablity Stabilization (GAS) Reserves Act - Directs the Secretary [of Energy] to: (1) establish a Gasoline Availability Stabilization Reserve (GAS Reserve) system with a total capacity of 20 million barrels of regular unleaded gasoline; and (2) determine a site for one GAS Reserve each in the Northeast and Midwest regions and one in California, to be operational within two years after the date of enactment of this Act.

Instructs the Secretary to: (1) transmit to Congress, the Secretary of Homeland Security, and the Governor of each State in which a reserve will be sited a plan for the transportation of the contents of the GAS Reserve to consumers in the event of an emergency sale; and (2) complete the process of filling the GAS Reserve by March 1, 2006.

Prescribes procedural guidelines for emergency sales by the Secretary from the GAS Reserve upon written request from the Governor of a State for GAS Reserve emergency sales assistance owing to a physical disruption in the gasoline supplies that is likely to result in price volatility for retail gasoline in the Governor's State.

Authorizes the Secretary to conduct purchases and sales of gasoline at wholesale for maintenance of the GAS Reserve system.