Summary: H.R.308 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.308. Bill summaries are authored by CRS.

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Introduced in House (01/06/1987)

National Oil Security Act of 1986 - Directs the President to establish a national oil import ceiling level beyond which foreign crude and oil product imports as a share of U.S. oil consumption shall not rise. Prohibits such ceiling level from exceeding 50 percent of U.S. crude and oil product consumption for any annual period.

Requires the President to: (1) annually submit projections to the Congress regarding anticipated U.S. oil production, demand, and imports for the subsequent three years; (2) certify whether imports of crude oil and oil products will exceed domestic production; and (3) submit an Energy Production and Oil Security Policy to the Congress to prevent foreign oil dependence from exceeding the national oil import ceiling for any year in which foreign oil imports are projected to exceed such amount.

Grants the Congress ten continuous session days to review such oil projections and to determine whether the ceiling level will be violated within three years.

Authorizes the President's energy plan to include: (1) an oil import fee; (2) energy conservation actions; (3) expansion of the Strategic Petroleum Reserves; and (4) production incentives for domestic oil and gas.