42 U.S.C. § 6247b — Purchase of oil from marginal wells

FEDERAL · 42 U.S.C. · Chapter 77

Purchase of oil from marginal wells

Current through Pub. L. 119-102

Title 42 — The Public Health and Welfare·Ch. 77 — ENERGY CONSERVATION·Subch. I·Pt. B

(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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(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.

42 U.S.C. § 6247b (Purchase of oil from marginal wells) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 94–163, title I, §169, as added Pub. L. 106–469, title III, §301(a), Nov. 9, 2000, 114 Stat. 2037.)

Editorial Notes

Editorial Notes

Prior Provisions
A prior part C, consisting of section 6251 of this title, was redesignated part E of this subchapter, prior to repeal by Pub. L. 109–58.

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History

Editorial Notes