Page:United States Statutes at Large Volume 106 Part 4.djvu/258

 106 STAT. 2994 PUBLIC LAW 102-486—OCT. 24, 1992 "(2) For purposes of this section, in addition to the circumstances set forth in section 3(8), a severe energy supply interruption shall be deemed to exist if the President determmes that^ "(A) an emergency situation exists and there is a significant reduction in supply which is of significant scope and duration; "(B) a severe increase in the price of petroleum products has resulted from such emergency situation; and "(C) such price increase is likely to cause a msgor adverse impact on the national economy."; and (2) in subsection (h)(l)(A), by inserting "or international" after "domestic". SEC. 1402. EXPANSION OF RESERVE. Section 154(a) of the Energy Policy and Conservation Act (42 U.S.C. 6234) is amended— (1) by striking "(a)" and inserting "(a)(D**; and (2) by adding at the end the following: "(2) Begmning on the date of the enactment of the Energy PoliQT Act of 1992, the President shall take actions to enlarge the Strategic Petroleum Reserve to 1,000,000,000 barrels as rapidly as possible. Such actions may include— "(A) petroleum acquisition, transportation, and ii\jection activities at the highest practicable fill rate achievable, subject to the availability of appropriated funds; "(B) contracting for petroleum product not owned by the United States as specified in part C; "(C) contracting for petroleum product for storage in facilities not owned by the United States, except that no such product may be stored in such facilities unless petroleum product stored in facilities owned by the United States on the date such product is delivered for storage is at least 750,000,000 barrels; "(D) carrying out the activities described in section 16(Kh); "(E) the transferring of oil from the Naval Petroleum Reserve; and "(F) other activities specified in this title.". SEC. 1403. AVAILABILITY OF FUNDING FOR LEASING. Section 171 of the Energy Policy and Conservation Act (42 U.S.C. 6249) is amended by adding at the end the following new subsection: "(f) AVAILABILITY OF FUNDS. —The Secretary may utilize such funds as are available in the SPR Petroleum Account to carry out the activities described in subsection (a), and may obligate and expend such funds to carry out such activities, in advance of the receipt of petroleum products.". SEC. 1404. PURCHASE FROM STRIPPER WELL PROPERTIES. (a) IN GENERAL.—Section 160 of the Energy Policy and Conservation Act (42 U.S.C. 6240) is amended by adding at the end the following new subsection: "(h)(1) u the President finds that declines in the production of oil from domestic resources pose a threat to national ener^ security, the President may direct the Secretary to acquire oil from domestic production of stripper well properties for storage in the Strategic Petroleum Reserve. Except as provided in para-

�