Sec. 501 Short title
This title may be cited as the “Closing the Oil Spill Cleanup Loophole Act”.
Title V — Ending the tar sands oil spill loophole
V Ending the tar sands oil spill loophole
Sec. 502 Requirements for contribution to the Oil Spill Liability Trust Fund
In general— Paragraph (1) of section 4612(a) is amended to read as follows:
“(1) Crude oil—The term crude oil includes crude oil condensates, natural gasoline, shale oil, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources.”
Regulatory authority To address other types of crude oil and petroleum products— Subsection (a) of section 4612 is amended by adding at the end the following new paragraph:
“(10) Regulatory authority to address other types of crude oil and petroleum products—Under such regulations as the Secretary may prescribe, after consultation with the Administrator of the Environmental Protection Agency, the Secretary may include as crude oil or as a petroleum product subject to tax under section 4611, any fuel feedstock or finished fuel product customarily transported by pipeline, vessel, railcar, or tanker truck if the Secretary determines that—
“(A) the classification of such fuel feedstock or finished fuel product is consistent with the definition of oil under the Oil Pollution Act of 1990, and
“(B) such fuel feedstock or finished fuel product is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.”
Removing restrictions relating to oil wells and extraction methods— Paragraph (2) of section 4612(a) is amended by striking “from a well located”.
Effective date— The amendments made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act, regardless of whether the Secretary of the Treasury has promulgated regulations implementing such amendments.
Sec. 503 Extension of Oil Spill Liability Trust Fund financing rate
Section 4611 is amended by striking subsection (f).
Sec. 504 Technical amendment
Subclause (I) of section 4612(e)(2)(B)(ii) is amended by striking “tranferred” and inserting “transferred”.