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HR 5405 108th Congress House Energy Armed Forces and National Security Cartels Commerce Congress Congressional reporting requirements Energy prices Energy shortages Energy supplies Petroleum reserves Public Lands and Natural Resources Restrictive trade practices Strategic materials

Oil Price Safeguard Act

Introduced: November 19, 2004 Introduced by: Larson, John B. Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 1, 2004
Referred to the Subcommittee on Energy and Air Quality.
Nov 19, 2004
Referred to the House Committee on Energy and Commerce.
Nov 19, 2004
Sponsor introductory remarks on measure. (CR 11/20/2004 E2110-2111)
Nov 19, 2004
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now December 1, 2004

Referred to the Subcommittee on Energy and Air Quality.

 Committees of jurisdiction 2