21st Century SPR Act

Key Points

• This bill asks energy experts to create a plan for updating the Strategic Petroleum Reserve, which is the nation's emergency supply of oil. The goal is to make sure the reserve can handle modern energy needs and sudden supply shortages.
• The study would look at several big changes, such as storing refined products like gasoline instead of just crude oil and spreading storage sites across more parts of the country. It also explores ways to make the pipelines and storage tanks stronger and more efficient.
• The plan would encourage the government to buy oil when prices are low to refill the reserve. It also looks at stopping mandatory oil sales that Congress sometimes uses to raise money, which can leave the emergency supply lower than intended.
• If passed, the Secretary of Energy would have 90 days to start the process. A group called the National Petroleum Council would then have one year to finish the report and share its findings with the public and Congress.

Impact Analysis

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