H.R.5405 - Oil Price Safeguard Act108th Congress (2003-2004)
|Sponsor:||Rep. Larson, John B. [D-CT-1] (Introduced 11/19/2004)|
|Committees:||House - Energy and Commerce|
|Latest Action:||House - 12/01/2004 Referred to the Subcommittee on Energy and Air Quality. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5405 — 108th Congress (2003-2004)All Information (Except Text)
Introduced in House (11/19/2004)
Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to declare that a severe energy supply interruption, warranting a drawdown from the Strategic Petroleum Reserve (SPR), shall be deemed to exist if the President determines that: (1) there is a significant reduction in the supply of petroleum of significant scope and duration that has caused a significant increase in the price of petroleum products; (2) the price increase is likely to cause a significant adverse impact on the national economy; and (3) a substantial cause of the reduction in supply is the anticompetitive conduct of foreign countries or international entities.
Requires the President to report to certain congressional committees if the price of a barrel of crude oil exceeds $35 for a period greater than 14 days.