PETROLEUM BUSINESS EDUCATION

Creates the Petroleum Business Education, Safety, and Security Act. Establishes the Petroleum Business Education, Safety, and Security Council and sets out the Council's duties. Creates the Petroleum Business Education, Safety, and Security Fund. Allows the Department of Commerce and Community Affairs to use money from the Fund to recover a necessary and reasonable amount for the administration of the Act. Provides a cap of $1.5 million per year on the transfer of revenue into the Petroleum Business Education, Safety, and Security Fund from the Underground Storage Tank Fund. Amends the State Finance Act to create the Petroleum Business Education, Safety, and Security Fund. Amends the Regulatory Sunset Act. Provides that the Petroleum Business Education, Safety, and Security Act shall have a sunset date of January 1, 2010. Effective immediately.