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Fuel Reserves and Transportation Electrification Act

This act aims to lower consumer fuel prices by establishing new crude oil and refined petroleum product reserves, while also supporting the development of electric vehicles. It introduces mechanisms to buy oil at specified prices and sell during price increases to stabilize the market. Additionally, it enhances national energy security and promotes environmentally friendly transportation solutions.
Key points
New Economic Petroleum Reserve: Creation of an Economic Petroleum Reserve of up to 350 million barrels, purchased at no more than $60 per barrel and sold when futures prices exceed $90.
Strategic Refined Petroleum Product Reserves: Establishment of a national network of Strategic Refined Petroleum Product Reserves (up to 250 million barrels of gasoline and diesel) to address severe supply interruptions.
Electric Vehicle Support: Funding for state energy transportation plans and requirements for federal fleets to acquire zero-emission and alternative fueled vehicles.
Export Prohibition to Certain Countries: Imposing a ban on selling oil from strategic reserves to entities linked to China, Russia, North Korea, and Iran.
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Expired
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Additional Information
Print number: 117_HR_8989
Sponsor: Rep. Pallone, Frank, Jr. [D-NJ-6]
Process start date: 2022-09-26
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Buy Low and Sell High Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8989.

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 2022-09-26.

What are the main provisions?

Key points include:

  • New Economic Petroleum Reserve: Creation of an Economic Petroleum Reserve of up to 350 million barrels, purchased at no more than $60 per barrel and sold when futures prices exceed $90.
  • Strategic Refined Petroleum Product Reserves: Establishment of a national network of Strategic Refined Petroleum Product Reserves (up to 250 million barrels of gasoline and diesel) to address severe supply interruptions.
  • Electric Vehicle Support: Funding for state energy transportation plans and requirements for federal fleets to acquire zero-emission and alternative fueled vehicles.
  • Export Prohibition to Certain Countries: Imposing a ban on selling oil from strategic reserves to entities linked to China, Russia, North Korea, and Iran.
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. Pallone, Frank, Jr. [D-NJ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Energy.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Transport Environment