Energy Emergency Preparedness Act of 1984

Energy Emergency Preparedness Act of 1984 - Amends the Energy Policy and Conservation Act to limit sale of petroleum products from the Strategic Petroleum Reserve to refineries which: (1) are located in the United States; (2) have been in operation during the six months preceding the date of the withdrawal associated with such sale of crude oil from the Strategic Petroleum Reserve; and (3) agree to refine and distribute on a timely basis within the United States the petroleum products from such crude oil. Authorizes exchanges to the extent necessary to facilitate the movement of crude oil from the Strategic Petroleum Reserve to refineries. Requires sales through bidding for petroleum products withdrawn from the Strategic Petroleum Reserve to be conducted in the following manner: (1) any petroleum product withdrawn from the Reserve for sale shall be distributed in two pools, the volume, qualities, and locations of each to be determined by the Secretary of Energy; (2) the volume and manner of distribution established for the first pool shall be such as to permit refiners located within the United States, taken as a whole, to run their refineries at a given percentage of capacity as established by the Secretary, taking into account the volumes that will be distributed from the second pool; (3) individual purchases are to be limited to reflect a refiner's needs in a manner to be determined by the Secretary of Energy; (4) the volume and manner of distribution established for the second pool shall be such as to permit each eligible small refiner and each independent refiner to obtain sufficient crude oil to operate its refinery at a given percentage of that refinery's crude oil runs to distillation units for a representative period as determined by the Secretary; (5) petroleum products would be sold from the first pool to eligible refiners at prices established in a sealed bid auction; (6) petroleum products would be sold from the second pool to eligible small refiners and independent refiners at a price which is a composite of all prices paid for crude oil purchased from the first pool, with appropriate adjustments for crude oil quality; (7) distribution from both the first and second pools shall be consistent with the attainment, to the maximum extent practicable, of objectives of the Emergency Petroleum Allocation Act of 1973; and (8) for purposes of this paragraph, the terms "small refiner" and "independent refiner" shall have the same meaning as the definition of such terms in the Emergency Petroleum Allocation Act of 1973.

Authorizes the President, upon a determination that a substantial crude oil disruption exists, to: (1) divert as provided in the preceding paragraph crude oil purchased and scheduled for delivery to the Strategic Petroleum Reserve during the 90 day period beginning from the date the President determines that a substantial crude oil disruption exists; and (2) draw down and distribute crude oil from the Strategic Petroleum Reserve in amounts not to exceed 300,000 barrels per day for no more than 90 days. Defines the term "substantial crude oil supply disruption" to mean: (1) a national crude oil disruption of lesser magnitude than a "severe energy supply interruption" as defined in the Energy Policy and Conservation Act; or (2) a regional crude oil disruption, arising from either limited crude oil supplies or anomalous crude oil price conditions, including spot market prices, which threaten to result in permanent crude oil price increases.

Directs the Secretary, within 180 days of the enactment of this Act, to submit to Congress an amendment to the Distribution Plan contained in the Strategic Petroleum Reserve Plan implementing this Act.

Directs the Secretary, within 180 days of the enactment of this Act, to submit to Congress a report: (1) defining the types of supply disruptions that would be considered a substantial crude oil supply disruption; (2) describing how distribution of crude oil from the Strategic Petroleum Reserve can be coordinated with the timely drawdown of reserves by other member countries of the International Energy Agreement; and (3) evaluating the advisability of establishing an options market for distributing crude oil from the Strategic Petroleum Reserve consistent with this Act, including only the use of a given percentage of the Strategic Petroleum Reserve for the creation of such market.