42 U.S.C. § 13552: Use of energy futures for…

Summary

The Secretary must run a study to see if buying energy futures and options can cheaply protect government buyers (including military purchases and the Strategic Petroleum Reserve) and groups that buy fuel in bulk from sudden fuel price spikes. The study must also look at how to teach those buyers to use futures and options wisely to cut costs and buy better. The Secretary must then start a pilot education program no later than 30 days after the transmission of the study required in subsection (b) to train government buyers, cooperatives, and similar groups in prudent, cost-effective use of these contracts to guard against price surges and make fuel buying or aid programs more efficient. Money needed to do this may be appropriated.

Title 42, §13552

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Fuel study

The Secretary shall conduct a study—

(1)to ascertain if the use of energy futures and options contracts could provide cost-effective protection for Government entities (including Government purchases for military purposes and for the Strategic Petroleum Reserve) and consumer cooperatives (or any organization whose purpose is to purchase fuel in bulk) from unanticipated surges in the price of fuel; and

(2)to ascertain how such Government entities or consumer cooperatives may be educated in the prudent use of energy futures and options contracts to maximize their purchasing effectiveness, protect themselves against unanticipated surges in the price of fuel, and minimize fuel costs.

(b)Pilot program

The Secretary shall conduct a pilot program, commencing not later than 30 days after the transmission of the study required in subsection (b), to educate such governmental entities, consumer cooperatives, or other organizations on the prudent and cost-effective use of energy futures and options contracts to increase their protection against unanticipated surges in the price of fuel and thereby increase the efficiency of their fuel purchase or assistance programs.

(c)Authorization of appropriations

There are authorized to be appropriated such sums as may be necessary to carry out this section.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Subsection (b), referred to in subsec. (b), was repealed and subsec. (c) of this section was redesignated (b) by Pub. L. 105–362, title IV, § 401(f), Nov. 10, 1998, 112 Stat. 3282. See 1998 Amendment note below.

Amendments

1998—Subsecs. (b) to (d). Pub. L. 105–362 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out heading and text of former subsec. (b). Text read as follows: “The Secretary, no later than 12 months after October 24, 1992, shall transmit the study required in this section to the Committee on Energy and Commerce of the House of Representatives and the Committee on Energy and Natural Resources of the Senate.”

§13552 Use of Energy Futures for Fuel Purchases