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S 2927 110th Congress Senate Energy Armed Forces and National Security Congress Congressional oversight Congressional reporting requirements Diesel motor Energy prices Gasoline Petroleum reserves Strategic materials

Government Oil Acquisition Financial Accountability and Consumer Relief Act of 2008

Introduced: April 28, 2008 Introduced by: Barrasso, John Republican · Wyoming See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 28, 2008
Read twice and referred to the Committee on Energy and Natural Resources.
Apr 28, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

Government Oil Acquisition Financial Accountability and Consumer Relief Act of 2008 - Instructs the Secretary of Energy to suspend petroleum acquisition for the Strategic Petroleum Reserve (SPR).

Authorizes the Secretary to resume petroleum acquisition for the SPR not earlier than 30 days after the date on which the Secretary notifies Congress that for the most recent consecutive four-week period: (1) the weighted average price of retail, regular, all formulations gasoline in the United States is $2.50 or less per gallon; or (2) the weighted average price of retail, No. 2 diesel in the United States is $2.75 or less per gallon.

Amends the Energy Policy and Conservation Act to require that acquisitions made for the SPR reflect a steady monthly dollar value of oil.

Instructs the Secretary to include at least 10% heavy crude oil in making any crude oil acquisitions for the SPR.

What's happening now April 28, 2008

Read twice and referred to the Committee on Energy and Natural Resources.

 Committees of jurisdiction 1