Fuel Reserves Act: Price Stability and Electric Vehicle Development
This act aims to lower consumer fuel prices by managing crude oil and refined product reserves. It introduces new rules for oil purchase and sale, establishes gasoline and diesel reserves, and supports electric vehicle development and refinery modernization, potentially leading to lower transportation costs and cleaner air.
Key points
New Oil Reserve: An Economic Petroleum Reserve of up to 350 million barrels will be established, allowing sales when West Texas Intermediate crude oil prices exceed $90 per barrel for a week, aiming to lower fuel costs.
Gasoline and Diesel Reserves: Regional Strategic Refined Petroleum Product Reserves will be created to prevent shortages and stabilize prices during supply disruptions.
Electric Vehicle Support: A portion of oil sales revenue from reserves will fund electric vehicle charging infrastructure and transportation electrification programs, potentially reducing car ownership costs and improving air quality.
Export Ban to Certain Countries: Oil and fuels from reserves cannot be sold or exported to countries under US sanctions, such as China or Russia, unless it serves national security interests.
Refinery Modernization: The act provides assistance to Western Hemisphere refineries to increase their crude oil refining capacity, aiming to improve fuel supply stability.
Expired
Citizen Poll