42 USC 6247b – Purchase of oil from marginal wells
Current as of: 2024 | Check for updates
|
Other versions
(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
Terms Used In 42 USC 6247b
- Secretary: means the Secretary of Energy. See 42 USC 6202
The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A(c)(6)(E) of title 26.