Florida Gasoline Supply Reserve Act

“E Florida Gasoline Supply Reserve

“191. Definition of refined petroleum product

“In this part, the term refined petroleum product means—

“(1) gasoline; and

“(2) such other products as the Secretary determines appropriate.

“192. Establishment

“(a) In general—The Secretary shall establish, maintain, and operate as a component of the Strategic Petroleum Reserve established under part B a reserve of refined petroleum products, to be known as the “Florida Gasoline Supply Reserve” (referred to in this part as the “Reserve”).

“(b) Location

“(1) In general—The Reserve shall be located in the State of Florida.

“(2) Location of 2 sections of Reserve—To the maximum extent practicable, the Reserve shall be split into 2 sections, of which—

“(A) one shall be located on the east coast of the State of Florida; and

“(B) one shall be located on the west coast of the State of Florida.

“(c) Limitation—The Reserve shall contain a minimum of 1,000,000 barrels of refined petroleum products.

“(d) Application—Except as otherwise provided in this part, the authorities and requirements applicable to the Strategic Petroleum Reserve under part B shall apply to the Reserve.

“193. Drawdown and sale of refined petroleum products

“The Secretary may draw down and sell refined petroleum products from the Reserve if the Secretary finds that—

“(1) a circumstance exists that constitutes, or is likely to become, a regional gasoline supply interruption of significant scope or duration, such as a hurricane or other natural disaster; and

“(2) action taken under this section would help in preventing or reducing the adverse impact of such a regional gasoline supply interruption.

“194. Acquisition of refined petroleum products for storage in the Reserve

“(a) In General—The Secretary may acquire, place in storage, transport, or exchange refined petroleum products acquired by purchase or exchange.

“(b) Objectives—To the maximum extent practicable, the Secretary shall carry out subsection (a) consistent with the following objectives:

“(1) Minimization of the cost of the Reserve.

“(2) Minimization of the vulnerability of the United States to a severe regional gasoline supply interruption.

“(3) Minimization of the impact of an acquisition of refined petroleum products on supply levels and market forces.

“195. Plan for administration of Reserve

“Not later than 60 days after the date of enactment of the Florida Gasoline Supply Reserve Act, the Secretary shall submit to the President and, if the President approves, to Congress, a plan describing—

“(1) the proposed acquisition of storage and related facilities or storage services for the Reserve, including the potential use of storage facilities not currently in use;

“(2) the proposed acquisition of refined petroleum products for storage in the Reserve;

“(3) the proposed procedures governing the release of refined petroleum products from the Reserve;

“(4) the estimated costs of the establishment, maintenance, and operation of the Reserve; and

“(5) actions the Secretary will take—

“(A) to minimize the need for release of refined petroleum products from the Reserve;

“(B) to ensure that distributors and importers are not discouraged from maintaining and increasing supplies of refined petroleum products to the State of Florida; and

“(C) to ensure the quality of the refined petroleum products in the Reserve.”