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To adapt to changing crude oil market conditions.
1/11/2023, 1:28 PM
Congressional Summary of HR 702
(Sec. 3) Amends the Energy Policy and Conservation Act to repeal authority to restrict the export of: (1) coal, petroleum products, natural gas, or petrochemical feedstocks; and (2) supplies of materials or equipment necessary to maintain or further exploration, production, refining, or transportation of energy supplies, or for the construction or maintenance of energy facilities within the United States.
Prohibits any federal official from imposing or enforcing any restriction on the export of crude oil.
(Sec. 4) Directs the Department of Energy (DOE) to study: (1) the appropriate size, composition, and purpose of the Strategic Petroleum Reserve; and (2) the net greenhouse gas emissions that will result from the repeal of the crude oil export ban.
Directs the Department of Commerce to study the state and national implications of lifting the crude oil export ban with respect to consumers and the economy, including energy prices and employment.
(Sec. 5) Declares that this Act does not limit the authority of the President to prohibit exports under either the Constitution, the International Emergency Economic Powers Act, the National Emergencies Act, the Energy Policy and Conservation Act, Trading with the Enemy Act, or any other law that imposes sanctions on a foreign person or foreign government (or prohibits or restricts U.S. persons from engaging in a transaction with a sanctioned person or government), including a foreign government designated as a state sponsor of terrorism.
(Sec. 6) Increases for FY2017-FY2021 both the authorization of appropriations and payments to contractors for each vessel in the Maritime Security Fleet covered by an operating agreement.
(Sec. 7) Directs DOE to: (1) continue to develop and broaden partnerships with minority serving institutions, including Hispanic Serving Institutions and Historically Black Colleges and Universities in the areas of oil and gas exploration, production, midstream, and refining; and (2) encourage public-private partnerships between the energy sector and those institutions.
(Sec. 8) Requires both DOE and the Commerce to report jointly to Congress regarding:
- the impact of lifting the oil export ban under this Act as it relates to promoting U.S. energy and national security; and
- how lifting the ban will help create opportunities for veterans and women in the United States, while promoting energy and national security.
(Sec. 10) Declares that nothing in this Act shall be construed as authorizing the export of crude oil, refined petroleum products, and petrochemical products by any entity or person subject to U.S. jurisdiction to any entity or person located in, subject to the jurisdiction of, or sponsored by the Islamic Republic of Iran.
