42 USC § 6247b - Purchase of oil from marginal wells | Title 42 - The Public Health and Welfare | U.S. Code

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Current through Pub. L. 113-9. (See Public Laws for the current Congress.)

(a) In general

From amounts authorized under section 6246 of this title, in any case in which the price of oil decreases to an amount less than $15.00 per barrel (an amount equal to the annual average well head price per barrel for all domestic crude oil), adjusted for inflation, the Secretary may purchase oil from a marginal well at $15.00 per barrel, adjusted for inflation.

(b) Definition of marginal well

The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A (c)(6)(E) of title 26.

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(a) In general

From amounts authorized under section 6246 of this title, in any case in which the price of oil decreases to an amount less than $15.00 per barrel (an amount equal to the annual average well head price per barrel for all domestic crude oil), adjusted for inflation, the Secretary may purchase oil from a marginal well at $15.00 per barrel, adjusted for inflation.

(b) Definition of marginal well

The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A (c)(6)(E) of title 26.

Source

(Pub. L. 94–163, title I, § 169, as added Pub. L. 106–469, title III, § 301(a),Nov. 9, 2000, 114 Stat. 2037.)

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Monday, June 17, 2013

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42 USC	Description of Change	Session Year	Public Law	Statutes at Large

42 USC § 6247b - Purchase of oil from marginal wells

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