H.R. 432 · 118th Congress
Buy Low and Sell High Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PalloneSponsor6 cosponsors · 6 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises requirements concerning the Strategic Petroleum Reserve (SPR) and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply.
What it does: CRS summary · Introduced in House · Jan 20, 2023
Buy Low and Sell High Act
This bill revises requirements concerning the Strategic Petroleum Reserve (SPR) and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply.
For example, the bill directs the Department of Energy (DOE) to establish within the SPR an Economic Petroleum Reserve of up to 350 million barrels of crude oil.
DOE must also establish a national network of Strategic Refined Petroleum Product Reserves to store up to 250 million barrels of gasoline and diesel fuel, which may be sold when there is a severe fuel supply interruption within the district in which the reserve is located.
In addition, the bill increases the cap on the amount of barrels of petroleum distillate that may be stored in the Northeast Home Heating Oil Reserve from two million to four million.
It also establishes limits on the sale and exportation of petroleum products from such reserves.
Further, the bill establishes provisions concerning electrifying the transportation sector, zero-emission vehicles, and a program to increase the amount of crude oil refined in oil refineries in certain countries in the Western Hemisphere.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Buy Low and Sell High Act
Latest action (Jan 27, 2023): Referred to the Subcommittee on Energy, Climate and Grid Security.
Policy area: Energy · Origin: House · Introduced: Jan 20, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.