S.1951 - Oil Price Safeguard Act106th Congress (1999-2000)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 11/17/1999)|
|Committees:||Senate - Energy and Natural Resources|
|Latest Action:||03/09/2000 Sponsor introductory remarks on measure. (All Actions)|
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Summary: S.1951 — 106th Congress (1999-2000)All Information (Except Text)
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.
Introduced in Senate (11/17/1999)
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.