Summary: S.1951 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.1951. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/17/1999)

Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to expand the circumstances under which a severe energy supply interruption shall be deemed to exist (thus permitting a drawdown of the Strategic Petroleum Reserve (SPR). Provides for the deeming of such an interruption when oil and gas prices in the United States increase to a level likely to cause a significant adverse impact on the national economy as a result of the anticompetitive conduct of one or more foreign countries or international entities.

Directs the President to present a status report to certain congressional committees if the price of a barrel of crude oil exceeds a specified price for a period greater than 14 days, including: (1) the impact upon the price of home heating oil; and (2) whether the President supports a drawdown and distribution from the SPR.