A bill to require the Secretary of Energy to provide block grants to States to provide needs-based assistance to households of consumers of high-priced fuel, and for other purposes.
Fuel Emergency Relief Act - Directs the Secretary of Energy to establish a fuel assistance block grant program to assist states to provide needs-based assistance to resident households of consumers of high-priced fuel.
Amends the Internal Revenue Code to: (1) establish in the Treasury the Fuel Assistance Block Grant Trust Fund; and (2) require certain integrated oil taxpayers to adjust, according to a specified formula, the valuation of LIFO (Last In, First Out) inventories of crude oil, natural gas, or other petroleum product.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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