This bill adds a new section to the Energy Policy and Conservation Act. It would prohibit the export or sale of petroleum products drawn from the Strategic Petroleum Reserve (SPR) to the People's Republic of China, the Democratic People's Republic of Korea, the Russian Federation, the Islamic Republic of Iran, and any entity owned or controlled by those countries or by the Chinese Communist Party. The Secretary of Energy may waive the prohibition if the Secretary certifies that the export or sale is in the national security interests of the United States. The bill requires the Secretary to issue a rule to carry out this section not later than 60 days after enactment. It also makes conforming amendments to existing statutes and the table of contents to add the new prohibition.
If you manage SPR crude or petroleum product transactions, export petroleum products, or would otherwise receive SPR oil, this bill would bar sales or exports from the SPR to the listed countries and to entities they own or control unless the Secretary issues a national security waiver. The bill requires an implementing rule within 60 days. No publicly available information about specific effects on prices, supply chains, or contracts is included in the bill text.
No publicly available information.
The bill was introduced by Senators John Fetterman, Ted Cruz, and Elissa Slotkin, with additional sponsors Joni Ernst and Ruben Gallego. No publicly available information in the bill text about their stated reasons or supporting statements.
No publicly available information.