21st Century SPR Act

Not later than 90 days after the date of enactment of this section, the Secretary of Energy shall request that the National Petroleum Council—

(1) not later than one year after so requested, submit to the Secretary of Energy and Congress a report containing—

(A) an analysis of opportunities to improve and modernize the physical infrastructure and operation of the Strategic Petroleum Reserve to respond to petroleum product supply shocks, including by—

(i) expanding the geographic distribution of the Strategic Petroleum Reserve;

(ii) expanding the Strategic Petroleum Reserve to include storage of refined petroleum products;

(iii) eliminating congressionally mandated sales of petroleum products from the Strategic Petroleum Reserve;

(iv) creating storage facilities sufficiently resilient to withstand drawdowns of petroleum products of the volume and frequency required over the last 10 years of the Strategic Petroleum Reserve’s use;

(v) expanding the storage capacity of the Strategic Petroleum Reserve;

(vi) encouraging purchases of petroleum products to replenish the Strategic Petroleum Reserve during periods of low petroleum prices; and

(vii) increasing—

(I) the Strategic Petroleum Reserve’s rate of fill; and

(II) the bidirectional flow capability of the Strategic Petroleum Reserve’s pipeline infrastructure;

(B) any recommendations for Federal agencies and Congress to improve and modernize the physical infrastructure and operation of the Strategic Petroleum Reserve to respond to petroleum product supply shocks; and

(C) an analysis and evaluation of the Life Extension II project, including work that was originally in-scope for the Life Extension II project but was subsequently not carried out; and

(2) make publicly available the report submitted under paragraph (1).

In this section:

The term petroleum product has the meaning given such term in section 3 of the Energy Policy and Conservation Act (42 U.S.C. 6202).

The term storage facility has the meaning given such term in section 152 of the Energy Policy and Conservation Act (42 U.S.C. 6232).

The term Strategic Petroleum Reserve has the meaning given such term in section 152 of the Energy Policy and Conservation Act (42 U.S.C. 6232).