H.R. 256: Save America’s Valuable Energy Act

This bill, known as the Save America’s Valuable Energy Act (or SAVE Act), proposes to modify the sale of petroleum products from the Strategic Petroleum Reserve (SPR). The key points of the bill are as follows:

Prohibition on Sales

The bill aims to prohibit the sale of petroleum products taken from the SPR to specific entities, particularly those headquartered in certain countries that are considered hostile. Specifically:

• Entities based in countries listed under section 126.1 of title 22 of the Code of Federal Regulations are restricted from purchasing these petroleum products.
• Additionally, the bill explicitly mentions Russia as a country to which sales are prohibited.

Amendments to Existing Laws

To implement this restriction, amendments are made to the Energy Policy and Conservation Act by adding a new section (Section 170) that details the prohibition on sales to these certain entities. Other relevant parts of the Act will be updated to acknowledge this new restriction. This includes:

• Updating references to include the new prohibition on sales in the existing text of the Energy Policy and Conservation Act.
• Adjusting the table of contents for the Act to include this new section.

The goal of this bill is to ensure that U.S. energy resources, particularly those stocked in the SPR, are not sold to countries or entities that may be deemed antagonistic towards the U.S. This effort is aligned with broader national security and foreign policy objectives.

Implications

This legislation would potentially affect how the U.S. manages its petroleum reserves, especially in terms of international trade and relations. Prohibiting sales to certain entities may impact pricing, availability, and strategic energy considerations.

Relevant Companies

• None found