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Strategic Petroleum Reserve Replenishment: Fuel Price Stabilization

This act aims to replenish the nation's oil reserves, which could help stabilize fuel prices in the future. Citizens may experience less volatile gas prices when reserves are fuller. The act specifies conditions for oil purchases, including price and quantity, to ensure national energy security.
Key points
The government will purchase at least 3.6 million barrels of oil per month for the reserve when oil prices fall below $90 per barrel for 100 consecutive days.
Purchases will continue until the reserve reaches at least 710 million barrels, enhancing energy security.
Oil acquisitions will be based on market index pricing, not fixed prices, to ensure efficiency.
These actions aim to protect citizens from sudden fuel price increases in the future.
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Additional Information
Print number: 117_HR_7963
Sponsor: Rep. Estes, Ron [R-KS-4]
Process start date: 2022-06-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Strategic Petroleum Reserve Replenishment Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7963.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-06-07.

What are the main provisions?

Key points include:

  • The government will purchase at least 3.6 million barrels of oil per month for the reserve when oil prices fall below $90 per barrel for 100 consecutive days.
  • Purchases will continue until the reserve reaches at least 710 million barrels, enhancing energy security.
  • Oil acquisitions will be based on market index pricing, not fixed prices, to ensure efficiency.
  • These actions aim to protect citizens from sudden fuel price increases in the future.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Estes, Ron [R-KS-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Energy and Commerce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Public Investments