Amends the Export Administration Act of 1979 to authorize the President to enter into a bilateral international oil supply agreement pursuant to which the United States would export to any country crude oil in exchange for an equal amount of crude oil from supplies owned or controlled by such country. Requires any such agreement to contain: (1) assurances that oil exported pursuant to the agreement will be shipped in U.S.-flagships; and (2) provisions permitting the termination or suspension of the agreement if the President determines that the national interests of the United States require such termination or suspension .
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB; International Trade Commission; Office of U.S. Trade Representative; Treasury Department; State Department; Commerce Department.
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