text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Strategic Gasoline and Fuel Reserve 
  Act of 2005''.
  
  SEC. 2. STRATEGIC GASOLINE AND FUEL RESERVE.
  
      (a) In General.--Title I of the Energy Policy and Conservation Act 
  (42 U.S.C. 6201 et seq.) is amended--
              (1) by redesignating part E (42 U.S.C. 6251 et seq.) as 
          part F;
              (2) by redesignating section 191 (42 U.S.C. 6251) as 
          section 199; and
              (3) by inserting after part D (42 U.S.C. 6250 et seq.) the 
          following:
  
               ``PART E--STRATEGIC GASOLINE AND FUEL RESERVE
  
  ``SEC. 191. DEFINITIONS.
  
      ``In this part:
              ``(1) Gasoline.--The term `gasoline' means regular unleaded 
          gasoline.
              ``(2) Reserve.--The term `Reserve' means the Strategic 
          Gasoline and Fuel Reserve established under section 192(a).
  
  ``SEC. 192. ESTABLISHMENT.
  
      ``(a) In General.--Notwithstanding any other provision of this Act, 
  the Secretary shall establish, maintain, and operate a Strategic 
  Gasoline and Fuel Reserve.
      ``(b) Not Component of Strategic Petroleum Reserve.--The Reserve is 
  not a component of the Strategic Petroleum Reserve established under 
  part B.
      ``(c) Capacity.--The Reserve shall contain not more than--
              ``(1) 40,000,000 barrels of gasoline; and
              ``(2) 7,500,000 barrels of jet fuel.
      ``(d) Reserve Sites.--
              ``(1) Siting.--Not later than 1 year after the date of 
          enactment of this Act, the Secretary shall determine not less 
          than 3 Reserve sites, and not more than 5 Reserve sites, 
          throughout the United States that are regionally strategic.
              ``(2) Operation.--The Reserve sites described in paragraph 
          (1) shall be operational not later than 2 years after the date 
          of enactment of this Act.
      ``(e) Security.--In establishing the Reserve under this section, 
  the Secretary shall obtain the concurrence of the Secretary of Homeland 
  Security with respect to physical design security and operational 
  security.
      ``(f) Authority.--In carrying 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, lease, or other means 
          gasoline and fuel for storage in the Reserve;
              ``(4) store gasoline and fuel in facilities not owned by 
          the United States; and
              ``(5) sell, exchange, or otherwise dispose of gasoline and 
          fuel from the Reserve, including to maintain--
                      ``(A) the quality or quantity of the gasoline or 
                  fuel in the Reserve; or
                      ``(B) the operational capacity of the Reserve.
      ``(g) Fill Date.--
              ``(1) In general.--Except as provided in paragraph (2), the 
          Secretary shall complete the process of filling the Reserve 
          under this section by March 1, 2008.
              ``(2) Extensions.--The President may extend the deadline 
          established under paragraph (1) if--
                      ``(A) the President determines that filling the 
                  Reserve within that deadline would cause an undue 
                  economic burden on the United States; and
                      ``(B) the President receives approval from 
                  Congress.
  
  ``SEC. 193. RELEASE OF GASOLINE AND FUEL.
  
      ``(a) In General.--The Secretary shall release gasoline or fuel 
  from the Reserve only if--
              ``(1) the President finds that there is a severe fuel 
          supply disruption by finding that--
                      ``(A) a regional or national supply shortage of 
                  gasoline or fuel of significant scope and duration has 
                  occurred;
                      ``(B) a substantial increase in the price of 
                  gasoline or fuel has resulted from the shortage;
                      ``(C) the price increase is likely to cause a 
                  significant adverse impact on the national economy; and
                      ``(D) releasing gasoline or fuel from the Reserve 
                  would assist directly and significantly in reducing the 
                  adverse impact of the shortage; or
              ``(2)(A) the Governor of a State submits to the Secretary a 
          written request for a release from the Reserve that contains a 
          finding that--
                      ``(i) a regional or statewide supply shortage of 
                  gasoline or fuel of significant scope and duration has 
                  occurred;
                      ``(ii) a substantial increase in the price of 
                  gasoline or fuel has resulted from the shortage; and
                      ``(iii) the price increase is likely to cause a 
                  significant adverse impact on the economy of the State; 
                  and
              ``(B) the Secretary concurs with the findings of the 
          Governor under subparagraph (A) and determines that--
                      ``(i) a release from the Reserve would mitigate 
                  gasoline or fuel price volatility in the State;
                      ``(ii) a release from the Reserve would not have an 
                  adverse effect on the long-term economic viability of 
                  retail gasoline or fuel markets in the State and 
                  adjacent States; and
                      ``(iii) a release from the Reserve would not 
                  suppress prices below long-term market trend levels.
      ``(b) Procedure.--
              ``(1) Response of secretary.--The Secretary shall respond 
          to a request submitted under subsection (a)(2) not later than 5 
          days after receipt of the request by--
                      ``(A) approving the request;
                      ``(B) denying the request; or
                      ``(C) requesting additional supporting information.
              ``(2) Release.--The Secretary shall establish procedures 
          governing the release of gasoline or fuel from the Reserve in 
          accordance with this subsection.
              ``(3) Requirements.--
                      ``(A) Eligible entity.--In this paragraph, the term 
                  `eligible entity' means an entity that is customarily 
                  engaged in the sale or distribution of gasoline or 
                  fuel.
                      ``(B) Sale or disposal from reserve.--The 
                  procedures established under this subsection shall 
                  provide that the Secretary may--
                              ``(i) sell gasoline or fuel from the 
                          Reserve to an eligible entity through a 
                          competitive process; or
                              ``(ii) enter into an exchange agreement 
                          with an eligible entity under which the 
                          Secretary receives a greater volume of gasoline 
                          or fuel as repayment from the eligible entity 
                          than the volume provided to the eligible 
                          entity.
      ``(c) Continuing Evaluation.--The Secretary shall conduct a 
  continuing evaluation of the drawdown and sales procedures established 
  under this section.
  
  ``SEC. 194. REPORTS.
  
      ``(a) Gasoline and Fuel.--Not later than 45 days after the date of 
  enactment of this section, the Secretary shall submit to Congress and 
  the President a plan describing--
              ``(1) the acquisition of storage and related facilities or 
          storage services for the Reserve, including the use of storage 
          facilities not currently in use or not currently used to 
          capacity;
              ``(2) the acquisition of gasoline and fuel for storage in 
          the Reserve;
              ``(3) the anticipated methods of disposition of gasoline 
          and fuel from the Reserve;
              ``(4) the estimated costs of establishment, maintenance, 
          and operation of the Reserve;
              ``(5) efforts that the Department will take to minimize any 
          potential need for future drawdowns from the Reserve; and
              ``(6) actions to ensure the quality of the gasoline and 
          fuel in the Reserve are maintained.
      ``(b) Natural Gas and Diesel.--Not later than 90 days after the 
  date of enactment of this section, the Secretary shall submit to 
  Congress a report describing the feasibility of creating a natural gas 
  and diesel reserve similar to the Reserve under this part.
  
  ``SEC. 195. STRATEGIC GASOLINE AND FUEL RESERVE FUND.
  
      ``(a) Establishment.--There is established in the Treasury of the 
  United States a revolving fund, to be known as the `Strategic Gasoline 
  and Fuel Reserve Fund' (referred to in this section as the `Fund'), 
  consisting of--
              ``(1) such amounts as are appropriated to the Fund under 
          subsection (b);
              ``(2) such amounts as are appropriated to the Fund under 
          section 196; and
              ``(3) any interest earned on investment of amounts in the 
          Fund under subsection (d).
      ``(b) Transfers to Fund.--There are appropriated to the Fund 
  amounts equivalent to amounts collected as receipts and received in the 
  Treasury from the sale, exchange, or other disposition of gasoline or 
  fuel from the Reserve.
      ``(c) Expenditures From Fund.--On request by the Secretary and 
  without the need for further appropriation, the Secretary of the 
  Treasury shall transfer from the Fund to the Secretary such amounts as 
  the Secretary determines are necessary to carry out activities under 
  this part, to remain available until expended.
      ``(d) Investment of Amounts.--
              ``(1) In general.--The Secretary of the Treasury shall 
          invest such portion of the Fund as is not, in the judgment of 
          the Secretary of the Treasury, required to meet current 
          withdrawals.
              ``(2) Interest-bearing obligations.--Investments may be 
          made only in interest-bearing obligations of the United States.
              ``(3) Acquisition of obligations.--For the purpose of 
          investments under paragraph (1), obligations may be acquired--
                      ``(A) on original issue at the issue price; or
                      ``(B) by purchase of outstanding obligations at the 
                  market price.
              ``(4) Sale of obligations.--Any obligation acquired by the 
          Fund may be sold by the Secretary of the Treasury at the market 
          price.
              ``(5) Credits to fund.--The interest on, and the proceeds 
          from the sale or redemption of, any obligations held in the 
          Fund shall be credited to and form a part of the Fund.
      ``(e) Transfers of Amounts.--
              ``(1) In general.--The amounts required to be transferred 
          to the Fund under this section shall be transferred at least 
          monthly from the general fund of the Treasury to the Fund on 
          the basis of estimates made by the Secretary of the Treasury.
              ``(2) Adjustments.--Proper adjustment shall be made in 
          amounts subsequently transferred to the extent prior estimates 
          were in excess of or less than the amounts required to be 
          transferred.
  
  ``SEC. 196. AUTHORIZATION OF APPROPRIATIONS.
  
      ``There are authorized to be appropriated such sums as are 
  necessary to carry out this part, to remain available until 
  expended.''.
  
  SEC. 3. CONFORMING AMENDMENTS.
  
      The table of contents for title I of the Energy Policy and 
  Conservation Act (42 U.S.C. 6201 note) is amended by striking the 
  matter relating to part D and inserting the following:
  
                ``Part D--Northeast Home Heating Oil Reserve
  
          ``Sec. 181. Establishment.
          ``Sec. 182. Authority.
          ``Sec. 183. Conditions for release; plan.
          ``Sec. 184. Northeast home heating oil reserve account.
          ``Sec. 185. Exemptions.
          ``Sec. 186. Authorization of appropriations.
               ``Part E--Strategic Gasoline and Fuel Reserve
  
          ``Sec. 191. Definitions.
          ``Sec. 192. Establishment.
          ``Sec. 193. Release of gasoline and fuel.
          ``Sec. 194. Reports.
          ``Sec. 195. Strategic Gasoline and Fuel Reserve Fund.
          ``Sec. 196. Authorization of appropriations.
                            ``Part F--Expiration
  
          ``Sec. 199. Expiration.''.
target: Strategic Gasoline and Fuel Reserve Act of 2005 - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to establish, maintain, and operate a Strategic Gasoline and Fuel Reserve of gasoline and jet fuel.
  
  Instructs the Secretary to determine between three and five regionally strategic Reserve sites throughout the United States.
  
  Permits the Secretary to release gasoline or fuel from the Reserve only if: (1) the President finds that there is a severe fuel supply disruption; or (2) the Governor of a state requests a release from the Reserve, accompanied by specified findings.
  
  
  
  Establishes in the Treasury a revolving Strategic Gasoline and Fuel Reserve Fund.
feat_title: A bill to establish a Strategic Gasoline and Fuel Reserve.