Strategic Petroleum Corporation Charter Act

Strategic Petroleum Corporation Charter Act - Amends the Energy and Conservation Act to establish within the Department of Energy the Strategic Petroleum Corporation for the purpose of creating another means of obtaining reserves of petroleum. Provides that the Corporation shall be administered by a Board of Directors.

Directs the Corporation to seek to increase exports to a foreign nation, when such nation is adversely affected by financial problems which make it difficult for such nation or importers within such nation to make payment for U.S. exports, through arrangements whereby such nation or importers within such nation can provide petroleum as security to assure payment for such U.S. exports. Permits the Corporation to accept petroleum as security, and to issue a negotiable warehouse receipt for such security, which is provided to ensure repayment of financing provided or guaranteed by the Commodity Credit Corporation, the Central Bank for Cooperatives, the Export-Import Bank, or any private financing institution with respect to the export of products and commodities produced in the United States. Requires the petroleum to be stored in the United States. Requires the Corporation to provide that, as part of any agreement entered into under this Act, the Federal Government shall have: (1) in the event a severe energy supply interruption is declared by the President, the right to purchase any petroleum used as security at the average refiner acquisition cost for crude oil in effect 30 days before the date of the applicable declaration; (2) the right of first refusal to purchase the petroleum at the sale price agreed to between a third party and the borrower or his successor or other holder of interest if the sale of the security is negotiated while it is in such storage, or the right to purchase the petroleum at the current market price if the material is to be removed from storage; and (3) such other rights as the Corporation may prescribe by rule. Provides that any such petroleum purchased by the Federal Government shall become part of the Strategic Petroleum Reserve.

Provides that the Corporation shall have the powers conferred on a nonprofit corporation under the District of Columbia Nonprofit Corporation Act.

Provides that the Secretary of Energy shall be the Chairman of the Board of Directors of the Corporation and that the other directors shall consist of the Secretary of Agriculture, the Secretary of Commerce, the Director of the Federal Emergency Management Agency, and the Secretary of the Treasury.

States that nothing in this Act shall limit the barter authority of the Commodity Credit Corporation under the Commodity Credit Corporation Act.

Requires the Corporation to report annually to Congress.