Petroleum Price Reduction Act
This bill requires the President to prohibit exports of crude oil and finished oil products (other than natural gas) whenever the price for crude oil exceeds a specified threshold. The President may waive the prohibition in certain circumstances.
To amend the Export Control Reform Act of 2018 to provide for the 
control of and prohibition on the export of crude oil and finished oil 
  products (other than natural gas) from the United States under that 
                                  Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Petroleum Price Reduction Act''.

SEC. 2. CONTROL OF AND PROHIBITION ON THE EXPORT OF CRUDE OIL AND 
              FINISHED OIL PRODUCTS (OTHER THAN NATURAL GAS) UNDER THE 
              EXPORT CONTROL REFORM ACT OF 2018.

    (a) In General.--Section 1754 of the Export Control Reform Act of 
2018 (50 U.S.C. 4813) is amended by adding at the end the following:
    ``(g) Control of and Prohibition on Export of Crude Oil and 
Finished Oil Products (other Than Natural Gas).--
            ``(1) In general.--Notwithstanding any other provision of 
        law (other than the provisions of this subtitle), the President 
        shall control and prohibit the export of crude oil and finished 
        oil products (other than natural gas) from the United States 
        under the authority of section 1753 at any time if the 
        President determines and certifies to the appropriate 
        congressional committees that the closing price of front month 
        contracts for West Texas Intermediate crude oil--
                    ``(A) has exceeded $70 per barrel for three 
                consecutive trading days;
                    ``(B) has exceeded $70 per barrel for five of the 
                preceding 10 trading days; or
                    ``(C) has exceeded $80 per barrel at any time.
            ``(2) Termination.--The President may terminate the 
        imposition of the prohibition required by paragraph (1) if the 
        President determines and certifies to the appropriate 
        congressional committees that--
                    ``(A) the closing price of front month contracts 
                for West Texas Intermediate crude oil has not exceeded 
                $70 per barrel for 15 consecutive trading days; and
                    ``(B) the current, available supply of crude oil in 
                the United States is stable or increasing.
            ``(3) Adjustment for inflation.--
                    ``(A) In general.--The President may adjust the 
                dollar amounts specified in subparagraphs (A), (B), and 
                (C) of paragraph (1) and paragraph (2)(A) on the date 
                that is 60 days after the date of the enactment of this 
                subsection, and at the beginning of each fiscal year 
                thereafter, to reflect the percentage (if any) of the 
                increase in the average of the Consumer Price Index for 
                the preceding 12-month period compared to the Consumer 
                Price Index for fiscal year 2021.
                    ``(B) Consumer price index defined.--In this 
                paragraph, the term `Consumer Price Index' means the 
                Consumer Price Index for All Urban Consumers published 
                by the Bureau of Labor Statistics of the Department of 
                Labor.
            ``(4) Waiver.--
                    ``(A) In general.--The President may waive the 
                imposition of the prohibition required by paragraph (1) 
                with respect to--
                            ``(i) the export of crude oil or finished 
                        oil products (other than natural gas) pursuant 
                        to a contract or other legally binding 
                        obligation of an exporter that is in force as 
                        of the time the prohibition is to go into 
                        effect; and
                            ``(ii) the export of crude oil or finished 
                        oil products (other than natural gas) to any 
                        foreign country if the President determines 
                        that it is in the national security interests 
                        of the United States to do so.
                    ``(B) Congressional certification.--The President 
                shall submit to the appropriate congressional 
                committees a certification with respect to each 
                exercise of the waiver authority pursuant to 
                subparagraph (A).
            ``(5) Appropriate congressional committees defined.--In 
        this subsection, the term `appropriate congressional 
        committees' means the Committee on Foreign Affairs of the House 
        of Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 30 days after the date of the enactment 
of this Act.
                                 <all>
Petroleum Price Reduction Act
To amend the Export Control Reform Act of 2018 to provide for the control of and prohibition on the export of crude oil and finished oil products (other than natural gas) from the United States under that Act.
Petroleum Price Reduction Act
Rep. Sherman, Brad