Amends the Naval Petroleum Reserve Production Act to direct the Secretary of the Navy to establish a petroleum production rate from Naval Petroleum Reserves Numbered 1, 2, and 3 that is less than the maximum efficient rate if the Secretary determines that a specified minimum price cannot be attained for the Federal share of such petroleum.
Establishes a minimum price threshold that is the higher of either: (1) 90 percent of the current sales price of comparable petroleum in the same area; or (2) the price of Strategic Petroleum Reserve oil minus the cost of transporting such oil from the Naval Reserve to the Strategic Petroleum Reserve.
Reduces from 30 days to 15 days the period of Justice Department review of National Petroleum Reserve contracts for antitrust violations.
Repeals the provision that the private owner of interests in Naval Petroleum Reserve Number 1 must agree with the Federal production rate for such Reserve.
Forwarded by Subcommittee to Full Committee (Amended).
Reported to House (Amended) by House Committee on Energy and Commerce. Report No: 99-775 (Part I).
Reported to House (Amended) by House Committee on Energy and Commerce. Report No: 99-775 (Part I).
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
House Committee on Armed Services Discharged by Unanimous Consent.
House Committee on Armed Services Discharged by Unanimous Consent.
Called up by House by Unanimous Consent.
Passed/agreed to in House: Passed House (Amended) by Voice Vote.
Passed House (Amended) by Voice Vote.
Received in the Senate.
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
Passed Senate without amendment by Voice Vote.
Measure Signed in Senate.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 99-413.
Became Public Law No: 99-413.
Enacted as Public Law 99-413
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