EXPORTS OF DOMESTICALLY PRODUCED CRUDE OIL.

SEC. 2424. EXPORTS OF DOMESTICALLY PRODUCED CRUDE OIL. (a) Technical Amendment.—Section 7(d) of the Act (50 U.S.C. App. 2406(d)) is amended by striking paragraph (4). (b) Crude Oil Study.— (1) Review of export restrictions on crude oil.—The Secretary of Commerce, in consultation with the Secretary of Energy, shall undertake a comprehensive review to assess whether existing statutory restrictions on the export of crude oil produced in the contiguous United States are adequate to protect the energy and national security interests of the United States and American consumers. Taking into account exports licensed since 1983 and potential exports of heavy crude oil produced in California, the review snail assess the effect of increased exports of crude oil produced in the contiguous United States on— (A) the adequacy of domestic supplies of crude oil and refined petroleum products in meeting United States energy and national security needs; (B) the quantity, quality, and retail price of petroleum products available to consumers in the United States generally and on the West Coast in particular; (C) the overall trade deficit of the United States; (D) acquisition costs of crude oil by domestic petroleum refiners; (E) the financial viability of sectors of the domestic petroleum industry (including independent refiners, distributors, marketers, and pipeline carriers); and (F) the United States tanker fleet (and the industries that support it), with particular emphasis on the availability of militarily useful tankers to meet anticipated national defense requirements. 102 STAT. 1360 (2) Public hearing and comment.—The Secretary of Commerce shall provide notice and a reasonable opportunity for public hearing and comment on the review conducted pursuant to this subsection. (3) Consultations with other agencies.—The Secretary of Commerce shall consult with the Secretary of Defense, the Secretary of the Interior, and the Secretary of Transportation, in addition to the Secretary of Energy, in undertaking the review pursuant to this subsection. (4) Findings, options, and recommendations.—After taking public comment and consulting with appropriate State and Federal officials, the Secretary of Commerce, in consultation with the Secretary of Energy, shall develop findings, options, and recommendations regarding the adequacy of existing statutory restrictions on the export of crude oil produced in the contiguous United States in protecting the energy and national security interests of the United States and American consumers. (5) Consultations and report.—In carrying out this subsection, the Secretary of Commerce shall consult with the Committee on Foreign Affairs and the Committee on Energy and Commerce of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, and the Committee on Energy and Natural Resources of the Senate. Not later than 12 months after the date of the enactment of this Act, the Secretary shall transmit to each of those committees a report which contains the results of the review undertaken pursuant to this subsection and the findings, options, and recommendations developed under paragraph (4).