§ 6240. Petroleum products for storage, transport, or exchange
(a)
Eligibility of petroleum products
The Secretary may acquire, place in storage, transport, or exchange—
(b)
Objectives in determining manner of acquisition
The Secretary shall, to the greatest extent practicable, acquire petroleum products for the Reserve in a manner consonant with the following objectives:
(c)
Procedures
The Secretary shall develop, with public notice and opportunity for comment, procedures consistent with the objectives of this section to acquire petroleum for the Reserve. Such procedures shall take into account the need to—
(1)
maximize overall domestic supply of crude oil (including quantities stored in private sector inventories);
(2)
avoid incurring excessive cost or appreciably affecting the price of petroleum products to consumers;
(f)
Predrawdown diversion
If the Secretary finds that a severe energy supply interruption may be imminent, the Secretary may suspend the acquisition of petroleum product for, and the injection of petroleum product into, the Reserve and may sell any petroleum product acquired for and in transit to, but not injected into, the Reserve.
(h)
Purchase from stripper well properties
(1)
If the President finds that declines in the production of oil from domestic resources pose a threat to national energy 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 paragraph (2), the Secretary may set such terms and conditions as he deems necessary for such acquisition.
[1] So in original. Probably should be followed by a semicolon.