42 USC 6247b: Purchase of oil from marginal wells
Text contains those laws in effect on December 24, 2024
From Title 42-THE PUBLIC HEALTH AND WELFARECHAPTER 77-ENERGY CONSERVATIONSUBCHAPTER I-DOMESTIC SUPPLY AVAILABILITYPart B-Strategic Petroleum Reserve
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§6247b. Purchase of oil from marginal wells
(a) In general
From amounts authorized under section 6246 of this title, in any case in which the price of oil decreases to an amount less than $15.00 per barrel (an amount equal to the annual average well head price per barrel for all domestic crude oil), adjusted for inflation, the Secretary may purchase oil from a marginal well at $15.00 per barrel, adjusted for inflation.
(b) Definition of marginal well
The term "marginal well" has the same meaning as the definition of "stripper well property" in section 613A(c)(6)(E) of title 26.
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