Summary: S.2623 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for S.2623. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/01/1978)

Tertiary Recovery Incentives Act - Amends the Emergency Petroleum Allocation Act of 1973 to provide incentives for increased petroleum production through the use of tertiary recovery processes.

Defines tertiary recovery processes to be those processes which are determined by an appropriate regulatory body to increase recovery of petroleum over waterflooding techniques.

Specifies the relevant State or Federal agency which will make the determination of whether a qualified tertiary recovery process is being utilized. Makes such determination final unless there is a showing of fraud.

Suspends ceiling price controls on crude oil produced from a property utilizing a qualified tertiary recovery process. Specifies that such suspension shall occur within 60 days of the enactment of this Act.

Excludes from the weighted average first sale price, and from the composite price of all domestic crude oil production, all crude oil produced by a qualified tertiary recovery method.