CRUDE Act

HR 1850, the CRUDE Act, amends existing law to modify crude oil export licensing requirements. It requires the Secretaries of Defense, Energy, and Commerce to jointly report to Congress if U.S. crude oil exports cause sustained supply shortages or prices significantly above world market levels, and if those conditions lead to adverse employment effects in the U.S. If such a report is issued, the President could declare a national emergency based on those findings. The bill does not change current export rules but adds this reporting and emergency declaration mechanism as a potential safeguard.