[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9560 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 9560
To amend the Export Control Reform Act of 2018 to provide for the
control of and prohibition on the export of crude oil and finished oil
products (other than natural gas) from the United States under that
Act.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 14, 2022
Mr. Sherman (for himself, Ms. Kaptur, Ms. McCollum, and Mr. Grijalva)
introduced the following bill; which was referred to the Committee on
Foreign Affairs
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A BILL
To amend the Export Control Reform Act of 2018 to provide for the
control of and prohibition on the export of crude oil and finished oil
products (other than natural gas) from the United States under that
Act.
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 ``Petroleum Price Reduction Act''.
SEC. 2. CONTROL OF AND PROHIBITION ON THE EXPORT OF CRUDE OIL AND
FINISHED OIL PRODUCTS (OTHER THAN NATURAL GAS) UNDER THE
EXPORT CONTROL REFORM ACT OF 2018.
(a) In General.--Section 1754 of the Export Control 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
President determines and certifies to the appropriate
congressional 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.
``(2) Termination.--The President may terminate the
imposition of the prohibition required by paragraph (1) if the
President determines and certifies to the appropriate
congressional committees that--
``(A) the closing price of front month contracts
for West Texas Intermediate crude oil has not exceeded
$70 per barrel for 15 consecutive 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 subparagraphs (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
subsection, 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 fiscal year 2021.
``(B) Consumer price index defined.--In this
paragraph, the term `Consumer Price 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) pursuant
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
effect; and
``(ii) the export of crude oil or finished
oil products (other than natural gas) to any
foreign country if the President determines
that it is in the national security interests
of the United States to do so.
``(B) Congressional certification.--The President
shall submit to the appropriate congressional
committees a certification with respect to each
exercise of the waiver authority pursuant to
subparagraph (A).
``(5) Appropriate congressional committees defined.--In
this subsection, the term `appropriate congressional
committees' means the Committee on Foreign Affairs of the House
of Representatives and the Committee on Banking, Housing, 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.
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