PURCHASE OF OIL FROM MARGINAL WELLS.

SEC. 301. PURCHASE OF OIL FROM MARGINAL WELLS. (a) Purchase of Oil From Marginal Wells.—Part B of title I of the Energy Policy and Conservation Act (42 U.S.C. 6232 et seq.) is amended by adding the following new section after section 168: “purchase of oil from marginal wells “Sec. 169. (a) In General.—From amounts authorized under section 166, 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 the Internal Revenue Code (26 U.S.C. 613A(c)(6)(E)).”. (b) Conforming Amendment.—The table of contents for the Energy Policy and Conservation Act is amended by inserting after the item relating to section 168 the following: “Sec. 169. Purchase of oil from marginal wells.”.