Buy Low and Sell High Act
The Buy Low and Sell High Act establishes an Economic Petroleum Reserve of up to 350 million barrels of crude oil, to be purchased domestically at a maximum price of $60 per barrel. It creates Strategic Refined Petroleum Product Reserves for gasoline and diesel across different districts with specific storage requirements, and authorizes sales when certain price conditions are met. The bill restricts exports of petroleum products to countries like China, Russia, and Iran, and requires Federal agencies to gradually increase the percentage of alternative fuel vehicles in their fleets, with specific targets for light- and medium/heavy-duty vehicles. It also provides funding for state transportation electrification plans and assistance for refineries in Western Hemisphere countries to increase crude oil refining capacity, while increasing the Northeast Home Heating Oil Reserve capacity from 2 million to 4 million barrels.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2023
Committee Review
Floor Vote
President
Introduced Jan 20, 2023
Last action Jan 27, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
2
Jan 27, 2023
Committee
Referred to the Subcommittee on Energy, Climate and Grid Security.
lower
Jan 20, 2023
Committee
Referred to the Committee on Energy and Commerce, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
lower
Jan 20, 2023
Introduced
Introduced in House
lower
1 primary · 6 co-sponsors
Sponsors
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