text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Natural Gas Reserve Act of 2001''.
  
  SEC. 2. NATURAL GAS RESERVE.
  
      Title I of the Energy Policy and Conservation Act is amended by--
              (1) redesignating part E as part F;
              (2) redesignating section 191 as section 198; and
              (3) inserting after part D the following new part E:
  
                       ``Part E--Natural Gas Reserve
  
                              ``establishment
  
      ``Sec. 191. (a) Authority.--Notwithstanding any other provision of 
  this Act, the Secretary may establish, maintain, and operate a Natural 
  Gas Reserve. The Reserve established under this part is not a component 
  of the Strategic Petroleum Reserve established under part B of this 
  title.
      ``(b) Definition.--For the purposes of this part, the term `natural 
  gas' has the meaning given that term in section 2(1) of the Natural Gas 
  Policy Act of 1978 (15 U.S.C. 3301(1)).
  
                                ``authority
  
      ``Sec. 192. To the extent necessary or appropriate to carry out 
  this part, the Secretary may--
              ``(1) purchase, contract for, lease, or otherwise acquire, 
          in whole or in part, storage and related facilities, and 
          storage services;
              ``(2) use, lease, maintain, sell, or otherwise dispose of 
          storage and related facilities acquired under this part;
              ``(3) acquire by purchase, exchange (including exchange of 
          petroleum products from the Strategic Petroleum Reserve or 
          received as royalty from Federal lands), lease, or otherwise, 
          natural gas for storage in the Natural Gas Reserve;
              ``(4) store natural gas in facilities not owned by the 
          United States; and
              ``(5) sell, exchange, or otherwise dispose of natural gas 
          from the Natural Gas Reserve, including to maintain the quality 
          or quantity of the natural gas in the Reserve or to maintain 
          the operational capability of the Reserve.
  
                       ``conditions for release; plan
  
      ``Sec. 193. (a) Finding.--The Secretary may sell products from the 
  Natural Gas Reserve upon a finding that there is a natural gas supply 
  shortage.
      ``(b) Release of Natural Gas.--After consultation with the natural 
  gas industry, the Secretary shall determine procedures governing the 
  release of natural gas from the Natural Gas Reserve. The procedures 
  shall provide that--
              ``(1) the Secretary may--
                      ``(A) sell natural gas from the Reserve through a 
                  competitive process; or
                      ``(B) enter into exchange agreements described in 
                  section 192(3);
              ``(2) in all such sales or exchanges, the Secretary shall 
          receive revenue or its equivalent that provides the Department 
          with fair market value;
              ``(3) at no time may the natural gas be sold or exchanged 
          resulting in a loss of revenue or value to the United States; 
          and
              ``(4) the Secretary shall only sell or dispose of the 
          natural gas in the Reserve to entities customarily engaged in 
          the sale and distribution of natural gas.
      ``(c) Plan.--Within 45 days after the date of the enactment of this 
  section, the Secretary shall transmit to the Congress a plan 
  describing--
              ``(1) the acquisition of storage and related facilities or 
          storage services for the Natural Gas Reserve, including the 
          potential use of storage facilities not currently in use;
              ``(2) the acquisition of natural gas for storage in the 
          Natural Gas Reserve;
              ``(3) the anticipated methods of disposition of natural gas 
          from the Natural Gas Reserve;
              ``(4) the estimated costs of establishment, maintenance, 
          and operation of the Natural Gas Reserve;
              ``(5) efforts the Department will take to minimize any 
          potential need for future drawdowns and ensure that 
          distributors and importers are not discouraged from maintaining 
          and increasing supplies; and
              ``(6) actions to ensure quality of the natural gas in the 
          Natural Gas Reserve.
  
                       ``natural gas reserve account
  
      ``Sec. 194. (a) Establishment.--Upon a decision of the Secretary of 
  Energy to establish a Natural Gas Reserve under this part, the 
  Secretary of the Treasury shall establish in the Treasury of the United 
  States an account known as the `Natural Gas Reserve Account' (referred 
  to in this section as the `Account').
      ``(b) Deposits.--The Secretary of the Treasury shall deposit in the 
  Account any amounts appropriated to the Account and any receipts from 
  the sale, exchange, or other disposition of natural gas from the 
  Natural Gas Reserve.
      ``(c) Availability.--The Secretary of Energy may obligate amounts 
  in the Account to carry out activities under this part without the need 
  for further appropriation, and amounts available to the Secretary of 
  Energy for obligation under this section shall remain available without 
  fiscal year limitation.
  
                                ``exemptions
  
      ``Sec. 195. An action taken under this part is not subject to the 
  rulemaking requirements of section 523 of this Act, section 501 of the 
  Department of Energy Organization Act, or section 553 of title 5, 
  United States Code.''.
target: 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.
feat_title: To provide for the establishment of a Natural Gas Reserve.