Summary: H.R.4843 — 99th Congress (1985-1986)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (08/13/1986)

(Measure passed House, amended)

Amends the Naval Petroleum Reserve Production Act to direct the Secretary of the Navy to establish a petroleum production rate from Naval Petroleum Reserves Numbered 1, 2, and 3 that is less than the maximum efficient rate if the Secretary determines that a specified minimum price cannot be attained for the Federal share of such petroleum.

Establishes a minimum price threshold that is the higher of either: (1) 90 percent of the current sales price of comparable petroleum in the same area; or (2) the price of Strategic Petroleum Reserve oil minus the cost of transporting such oil from the Naval Reserve to the Strategic Petroleum Reserve.

Reduces from 30 days to 15 days the period of Justice Department review of National Petroleum Reserve contracts for antitrust violations.

Repeals the provision that the private owner of interests in Naval Petroleum Reserve Number 1 must agree with the Federal production rate for such Reserve.