Strategic Petroleum Reserve Reliability Improvement Act

(Measure passed House, amended)

Strategic Petroleum Reserve Reliability Improvement Act - Amends the Energy Policy and Conservation Act to provide that the Secretary of Energy, in order to evaluate and improve the Strategic Petroleum Distribution Plan and its implementation: (1) shall beginning 180 days after the enactment of this Act, carry out a test drawdown and distribution of approximately 1,100,000 barrels of petroleum products from the Reserve; and (2) may periodically carry out other test drawdowns and distributions of the Reserve. Provides that the above requirement shall not be applicable in the event that implementation of the Distribution Plan is required by a severe energy supply interruption or by obligations under the international energy program. Directs the Secretary in carrying out the test to take into account the artificialities of a test. Prohibits the Secretary, in carrying out the test, from selling any petroleum product to any Federal agency. Prohibits, in carrying out the test, selling any petroleum product at a price less than that which the Secretary has determined to be appropriate and, in no event at a price less than 90 percent of the sales price of a comparable petroleum product. Permits the Secretary to cancel any offer to sell if there are insufficient acceptable purchase offers. Provides that the minimum required fill rate in effect for any fiscal year shall be reduced by the amount of oil drawn down from the Reserve under this Act during such fiscal year. Requires the Secretary, within the 12 month period after the completion of each test, to acquire an amount of petroleum product equal to the amount sold pursuant to such test. Requires the Secretary to transmit to both Houses of Congress a detailed explanation of each test.

Directs the Secretary, within 180 days of the enactment of this Act, to: (1) conduct and complete a study reviewing the feasibility of sales of options for crude oil in the Strategic Petroleum Reserve in advance of a severe energy supply interruption; and (2) report to each House of Congress the results of the study, along with any legislative recommendations.

Directs the Secretary, within 180 days of the enactment of this Act, to conduct and complete a study concerning the feasibility of establishing a program whereby the Secretary would be authorized to: (1) accept crude oil as security to finance the purchase of U.S. exports; and (2) acquire such crude oil for the Strategic Petroleum Reserve, in the case of a severe energy supply interruption, at a price not to exceed the average refiner acquisition cost for crude oil in effect 30 days before the date of such interruption. Directs the Secretary to report to each House of Congress the findings of such study, along with any legislative recommendations.

Directs the Secretary, within 180 days of the enactment of this Act, to: (1) conduct and complete a study of the feasibility of utilizing private sector storage facilities for the purpose of storing petroleum products obtained for the Strategic Petroleum Reserve; and (2) report the results of such study, along with any legislative recommendations, to each House of Congress.

Directs the Secretary, within 180 days of the enactment of this Act, to: (1) conduct a study of the comparative benefits to be derived from financing the acquistion of petroleum products for the Strategic Petroleum Reserve and from financing, through the Strategic Petroleum Corporation, the production of synthetic fuels; and (2) report the results of the study, along with any legislative recommendations, to each House of Congress.