Natural Gas Reserve Act of 2001
Last action on Feb 14, 2001Referred to the Subcommittee on Energy and Air Quality.
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Summary
Natural Gas Reserve Act of 2001 - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy to establish and operate a Natural Gas Reserve (NGR), which shall not be deemed to be a component of the Strategic Petroleum Reserve.
Sets forth implementation authority for natural gas release and sales predicated upon a finding that a natural gas supply shortage exists. Restricts such sales to entities customarily engaged in natural gas sale and distribution.
Instructs the Secretary of the Treasury to establish a Natural Gas Reserve Account to serve as depository for receipts from disposition of NGR natural gas.
Authorizes the Secretary of Energy to obligate amounts in such Account without the need for further appropriation. Retains the availability of such funds for obligation without fiscal year limitation.
