Requires a plan for more federal oil and gas leasing before releasing reserve oil

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

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This bill would bar the Energy Department, except during a severe energy supply interruption, from selling, exchanging or lending oil from the Strategic Petroleum Reserve, the federal government's emergency oil stockpile, until it gives Congress a plan to increase the share of federal lands and offshore areas leased for oil and gas production.^2,3,4 The plan would have to raise the leased share by the same percentage as the reserve's drawdowns since January 21, 2021, and planned future drawdowns, with a total increase of no more than 15 percent, and list specific parcels to be offered, including in Colorado's Thompson Divide area.⁴ The plan could not benefit companies linked to China, North Korea, Russia, Iran or other sanctioned countries, and it would have to ensure that reserve oil is not sold to Iran, China, North Korea or Russia.^3,4 The bill states that it would not change existing limits on oil and gas leasing in the North and South Atlantic planning areas or a 2020 presidential order withdrawing certain offshore areas from leasing.⁴

§2Status

§3How Congress voted

Why this matters: The official count.