H.R.3608 - Home Heating Oil Price Stability Act106th Congress (1999-2000)
|Sponsor:||Rep. Sanders, Bernard [I-VT-At Large] (Introduced 02/09/2000)|
|Committees:||House - Commerce|
|Latest Action:||House - 02/24/2000 Referred to the Subcommittee on Energy and Power. (All Actions)|
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Text: H.R.3608 — 106th Congress (1999-2000)All Information (Except Text)
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Introduced in House (02/09/2000)
[Congressional Bills 106th Congress] [From the U.S. Government Printing Office] [H.R. 3608 Introduced in House (IH)] 106th CONGRESS 2d Session H. R. 3608 To provide the Secretary of Energy with authority to create a Fuel Oil Product Reserve to be available for use when fuel oil prices in the United States rise sharply because of anticompetitive activity, during a fuel oil shortage, or during periods of extreme winter weather. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 9, 2000 Mr. Sanders (for himself, Mr. Boehlert, Mr. Larson, Mrs. Johnson of Connecticut, Mr. Gejdenson, Mr. McHugh, Mr. Menendez, Mr. Shays, Mr. Holden, Mr. Allen, Ms. DeLauro, Mr. McGovern, Mr. Frank of Massachusetts, Mr. Kennedy of Rhode Island, Mrs. McCarthy of New York, Mr. McNulty, Mrs. Jones of Ohio, Mr. Weygand, Mr. Delahunt, Mr. Crowley, Mr. Capuano, Mr. Maloney of Connecticut, Mr. Baldacci, Mr. Andrews, Mr. Sweeney, and Ms. Millender-McDonald) introduced the following bill; which was referred to the Committee on Commerce _______________________________________________________________________ A BILL To provide the Secretary of Energy with authority to create a Fuel Oil Product Reserve to be available for use when fuel oil prices in the United States rise sharply because of anticompetitive activity, during a fuel oil shortage, or during periods of extreme winter weather. 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 ``Home Heating Oil Price Stability Act''. SEC. 2. FINDINGS. The Congress finds that-- (1) a sharp, sustained increase in the price of fuel oil would negatively affect the overall economic well-being of the United States, and such increases have occurred in the winters of 1983-84, 1988-89, 1996-97, and 1999-2000; (2) the United States currently imports roughly 55 percent of its oil; (3) heating oil price increases disproportionately harm the poor and the elderly; (4) the global oil market is often greatly influenced by nonmarket-based supply manipulations, including price fixing and production quotas; and (5) according to the June 1998 Department of Energy ``Report to Congress on the Feasibility of Establishing a Heating Oil Component to the Strategic Petroleum Reserve''-- (A) the use of a Government-owned distillate reserve in the Northeast would provide benefits to consumers in the Northeast and to the Nation; (B) the Government would make a profit of $46,000,000 from drawing down and selling the distillate; (C) consumer savings, including reductions in jet fuel, would total $425,000,000; (D) there are a number of commercial petroleum storage facilities with available capacity for leasing in the New York/New Jersey area; and (E) it would be cost-effective to keep a Government stockpile of approximately 2,000,000 barrels in leased storage in the Northeast, filled by trading some crude oil from the Government's strategic reserve of oil for the refined product. SEC. 3. AUTHORIZATION OF FUEL OIL PRODUCT RESERVE. The Secretary of Energy shall immediately create a fuel oil reserve containing 2,000,000 barrels of heating oil in leased storage facilities in the New York Harbor area and 4,700,000 barrels of heating oil in one of the four Strategic Petroleum Reserve caverns in the Gulf Coast. The Secretary of Energy may fill this heating oil reserve by trading crude oil from the Strategic Petroleum Reserve for heating oil. SEC. 4. DRAWDOWN OF FUEL OIL PRODUCT RESERVE. The President may immediately draw down the Fuel Oil Product Reserve only when fuel oil prices in the United States rise sharply because of anticompetitive activity, during a fuel oil shortage, or during periods of extreme winter weather. SEC. 5. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated $125,000,000 to the Secretary of Energy for the period encompassing fiscal years 2000 through 2019 for the purpose of carrying out this Act. <all>