Us Code § 6247b - Purchase of oil from marginal wells
Full text of Us Code United States Code § 6247b — Purchase of oil from marginal wells, with citation guidance and answers to common questions.
§ 6247b. Purchase of oil from marginal wells
(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.
(Pub. L. 94–163, title I, §169, as added Pub. L. 106–469, title III, §301(a), Nov. 9, 2000, 114 Stat. 2037.)
Part C—Authority To Contract for Petroleum Product Not Owned by United States
Editorial Notes
Prior Provisions
A prior part C, consisting of section 6251 of this title, was redesignated part E of this subchapter, prior to repeal by Pub. L. 109–58.
About This Section
42 U.S.C. § 6247b is part of Title 42 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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