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42 U.S. Code § 6241. Drawdown and sale of petroleum products
(a) Power of Secretary
The Secretary may drawdown and sell petroleum products in the Reserve only in accordance with the provisions of this section.
(b), (c) Repealed. Pub. L. 106–469, title I, § 103(15)(C), Nov. 9, 2000, 114 Stat. 2031
(d) Presidential finding prerequisite to drawdown and sale
(1)
Drawdown and sale of petroleum products from the Strategic Petroleum Reserve may not be made unless the President has found drawdown and sale are required by a severe energy supply interruption or by obligations of the United States under the international energy program.
(2) For purposes of this section, in addition to the circumstances set forth in section 6202(8) of this title, a severe energy supply interruption shall be deemed to exist if the President determines 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 major adverse impact on the national economy.
(e) Sales procedures
(1)
The Secretary shall sell petroleum products withdrawn from the Strategic Petroleum Reserve at public sale to the highest qualified bidder in the amounts, for the period, and after a notice of sale considered appropriate by the Secretary, and without regard to Federal, State, or local regulations controlling sales of petroleum products.
(2)
The Secretary may cancel in whole or in part any offer to sell petroleum products as part of any drawdown and sale under this section.