S. 2047 — Home Heating Oil Price Stability Act

Summary

Home Heating Oil Price Stability Act - Instructs the Secretary of Energy to immediately create a Heating Oil Reserve containing two million barrels of heating oil in leased storage facilities in the New York Harbor area and 4.7 million barrels in one of the four Strategic Petroleum Reserve (SPR) caverns on the coast of the Gulf of Mexico. Permits the Secretary to fill such Heating Oil Reserve by trading SPR crude oil for heating oil.

Authorizes the President to immediately draw down the Heating Oil Reserve when domestic fuel oil prices rise sharply because of anticompetitive activity, during a fuel oil shortage, or during periods of extreme winter weather.

Authorizes appropriations.

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Legislative Actions

2000-02-09
Introduced in Senate
2000-02-09
Sponsor introductory remarks on measure. (CR S545, S546-547)
2000-02-09
Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S546)

Home Heating Oil Price Stability Act

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Summary

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