A bill to amend the Emergency Petroleum Allocation Act of 1973 to provide for monthly adjustments to the ceiling prices applicable to first sales of old and new crude oil and to exempt from any price regulation certain domestic crude oil production, in order to overcome the excessive dependence of the United States on foreign nations for energy supplies essential to national security, commerce, and a healthy economy.
Crude Oil Pricing Reform Act - Amends the Emergency Petroleum Allocation Act to exempt first sale prices of crude oil produced from (1) properties from which crude oil was first produced after May 31, 1977; (2) stripper wells, or deep stripper wells; and (3) tertiary enhanced recovery projects from pricing regulations under such Act. Stipulates that mandatory ceiling prices applicable to first sales of nonexempt crude oil shall be equal to the weighted average first sale price for exempt crude oil.
Introduced in Senate
Referred to Senate Committee on Energy and Natural Resources.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line