Bill > HR8989

This bill, the "Buy Low and Sell High Act," has several key provisions: It establishes an "Economic Petroleum Reserve" within the Strategic Petroleum Reserve (SPR) of up to 350 million barrels of crude oil, to be purchased at no more than $60 per barrel. The bill allows for drawdowns and sales from this reserve when the front-month futures price of West Texas Intermediate crude oil has been above $90 per barrel for at least one week. Proceeds from these sales would be used to fund programs for state energy transportation plans, transportation electrification, and assistance for Western Hemisphere oil refineries. The bill also establishes a network of "Strategic Refined Petroleum Product Reserves" to store gasoline and diesel fuel, with the ability to release these fuels during regional supply shortages. Additionally, the bill increases the size of the Northeast Home Heating Oil Reserve and prohibits exports of petroleum products drawn from the SPR to certain countries. The bill reforms the SPR by allowing the leasing of underutilized SPR facilities to the private sector and establishes a pilot program to lease SPR storage capacity. It also modifies the timing of previously mandated SPR drawdowns and sales to maximize financial return to taxpayers. Finally, the bill includes provisions to support state energy transportation planning for transportation electrification, as well as requirements for the federal government to increase the use of alternative fuel and zero-emission vehicles in its vehicle fleets.