Strategic Petroleum Reserve Amendments of 1990

Strategic Petroleum Reserve Amendments of 1990 - Amends the Energy Policy and Conservation Act to extend from August 15, 1990, to December 31, 1994, authorities relating to domestic energy supply availability.

Authorizes the Secretary of Energy (the Secretary) to take the following actions upon finding that a severe energy supply interruption may be imminent: (1) suspend acquisition and injection of petroleum products destined for the Strategic Petroleum Reserve (SPR); and (2) sell any petroleum product not yet injected into the SPR. Sets forth a fill-rate reduction formula for any fiscal year in which petroleum product purchases are suspended or in which petroleum product sales are consummated. Prescribes guidelines under which the Secretary is authorized to draw down and distribute the SPR if the President finds that a national or regional energy emergency is imminent.

Grants the Secretary additional authority to enter into agreements to acquire petroleum products for SPR storage. Subjects such agreements to congressional approval.

Directs the Secretary to: (1) provide that until there are 20,000,000 barrels of refined petroleum product in the SPR, at least ten percent of the total petroleum products acquired for it shall be refined; and (2) contract for storage facilities in those regions that are most dependent upon imported petroleum. Precludes the Secretary from acquiring or storing refined petroleum if such storage would exceed twice the cost of storing a comparable amount of crude oil. Directs the Secretary to provide that the refined petroleum acquired for the SPR increases the total amount of such product available to reduce the impact of any refined petroleum supply disruption, rather than merely transferring ownership or control of the product acquired.

Authorizes the Secretary to implement a test drawdown and distribution through the sale or exchange of a maximum of 5,000,000 (currently 1,100,000) barrels of SPR crude oil.

Provides that for purposes of establishing regional petroleum reserves, any State that is an island shall be considered a separate Federal Energy Administration Region.

Directs the Secretary to report to the Congress the results of a study to determine: (1) the feasibility of exporting drawdown SPR crude oil in exchange for either a foreign refined petroleum product or for the purpose of having it refined outside the United States for consumption of the resulting product in the United States; and (2) the feasibility of establishing regional petroleum reserves with Federal and non-Federal funding.