[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 273 Introduced in House (IH)]
106th CONGRESS
2d Session
H. CON. RES. 273
Expressing the sense of Congress concerning drawdowns of the Strategic
Petroleum Reserve.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 9, 2000
Mr. Gejdenson (for himself, Mr. Gilman, Mr. Sanders, Mr. Larson, Mr.
Hinojosa, Mr. Clement, Mr. Gilchrest, Mr. Minge, Ms. Danner, Mr.
Barcia, Mr. Burr of North Carolina, and Mr. Walsh) submitted the
following concurrent resolution; which was referred to the Committee on
Commerce
_______________________________________________________________________
CONCURRENT RESOLUTION
Expressing the sense of Congress concerning drawdowns of the Strategic
Petroleum Reserve.
Whereas the price of crude oil has more than doubled in the past year to over
$30 per barrel, and prices of petroleum products such as heating oil,
diesel fuel, and gasoline have reached record levels;
Whereas a sharp sustained increase in the price of crude oil negatively affects
the overall economic well-being of the United States;
Whereas high oil prices harm people and businesses;
Whereas the Energy Information Administration has determined that Northeastern
United States fuel reserves are the lowest in 20 years and that
Americans are ``skating on thin ice'' in meeting energy requirements;
Whereas the current price and supply crisis was largely created through the
actions of the Organization of Petroleum Exporting Countries (``OPEC'')
by market-distorting and collusive production reductions, and OPEC's
activities would be in violation of United States antitrust laws if
conducted within the United States;
Whereas OPEC has demonstrated unity not seen since the energy crises of the
1970's;
Whereas the United States has a Strategic Petroleum Reserve of over 570,000,000
barrels of crude oil to protect against threats to oil supplies;
Whereas many experts, trade associations, and members of Congress have called
for a drawdown of the Strategic Petroleum Reserve to combat OPEC's
market distorting behavior;
Whereas a drawdown or the threat of a drawdown of the Strategic Petroleum
Reserve could provide a critical tool to break the resolve of OPEC to
practice market distorting behavior, and a sale of oil from the
Strategic Petroleum Reserve would increase domestic supplies and drive
down prices in the short term;
Whereas swaps from the Strategic Petroleum Reserve offer a way to increase the
overall size of the Strategic Petroleum Reserve at no cost to the
taxpayer; and
Whereas low global inventories allow OPEC to retain inordinate control over
supply and pricing, and consequently undue influence over the global
economy: Now, therefore, be it
Resolved by the House of Representatives (the Senate concurring),
SECTION 1. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) using authority under existing law, directly through
time exchanges (or ``swaps'') or through other means, the
President and the Secretary of Energy should draw down the
Strategic Petroleum Reserve in an economically feasible manner
and to a responsible degree, to combat unfair foreign trade
practices of the Organization of Petroleum Exporting Countries
and alleviate the severely deleterious consequences to people
and businesses in the United States that those practices have
caused; and
(2) the President and the Secretary of Energy should
prepare for future threats to the economy and energy supply of
the United States by developing methods to--
(A) draw down the Strategic Petroleum Reserve
quickly when needed; and
(B) increase the quantity of crude oil in the
Strategic Petroleum Reserve over time in an
economically reasonable manner.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Commerce.
Referred to the Subcommittee on Energy and Power.
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