Energy Emergency Preparedness Act Amendments of 1987

Energy Emergency Preparedness Act Amendments of 1987 - Amends the Energy Policy and Conservation Act (relating to energy emergency preparedness) to authorize the President to train and employ persons of outstanding experience and ability in connection with the activities of the Emergency Petroleum and Gas Executive Reserve, the Emergency Solid Fuels Executive Reserve, and the Emergency Electric Power Executive Reserve of the Department of Energy. States that such persons shall only be employed in advisory or consultative positions. Prescribes administrative and operational guidelines for such Energy Emergency Executive Reserve program.

Authorizes the President to consult with representatives of the energy industry, energy consumers, and other interests in order to initiate, and encourage their participation in, voluntary agreements and plans of action for energy emergencies. Directs the President to prescribe standards and procedures for the implementation of such agreements and plans of action. Authorizes the Attorney General and the Federal Trade Commission to participate in the development and implementation of such agreements and plans of action. Requires as a prerequisite to implementation the approval of the Secretary of Energy and the Attorney General after consultation with the Federal Trade Commission. Requires the Federal Trade Commission to publish its views regarding the implementation of such agreements or plans of action in the Federal register. Sets forth conditions for the implementation of any voluntary agreement or plans of action. Requires the Attorney General and the Federal Trade Commission to monitor implementation in order to prevent anticompetitive practices and effects. Prescribes guidelines for an antitrust defense available to such voluntary programs and plans of action.

Requires the Attorney General and the Federal Trade Commission to report, at least once annually to the President on the impact on competition and on small business of actions authorized by this Act.

Exempts the allocation and information provisions of the International Energy Program from the authorities granted by this Act.

Extends until June 30, 1995, the authority for international voluntary agreements under the Energy Policy and Conservation Act (thus extending the limited antitrust defense to such agreements).

Authorizes the President to effectuate the transportation of Strategic Petroleum Reserve (SPR) products by using his powers to promote the national defense whenever he finds that implementation of the Strategic Petroleum Reserve Distribution Plan is required. Authorizes the temporary suspension of new contracts for petroleum products for injection into the SPR if the President finds that a severe energy supply interruption may be imminent and that the world crude oil price has increased substantially as result.

Requires the Secretary of Energy to submit to the Congress within one year from the date of enactment of this Act a cost benefit analysis regarding an increase of the SPR storage capacity from 750 million barrels to one billion barrels. Prescribes the contents of such report.

Expresses the sense of the Congress that the President is to be commended for seeking to establish among the countries in the International Energy Program a policy for the rapid buildup of strategic petroleum stocks prior to a major oil supply disruption and the coordinated drawdown of strategic petroleum stocks early in a major oil supply disruption.

Directs the Secretary to transmit to the Congress within 180 days of enactment of this Act an evaluation of conditional market options for the sale of petroleum products from the SPR.

Prescribes guidelines for: (1) the preemption of State petroleum price and allocation laws under specified energy emergency conditions; and (2) the implementation of a State set-aside program for petroleum products under specified energy emergency conditions.

Extends until June 30, 1995, the provisions of the Energy Policy and Conservation Act regarding domestic supply availability and the SPR.

Requires the Secretary of Energy to report to the Congress within three months after the date of enactment of this Act (and annually thereafter) regarding specified measures taken to strengthen the national energy emergency preparedness program.