STUDY ON INVENTORY OF PETROLEUM AND NATURAL GAS STORAGE.

SEC. 1801. STUDY ON INVENTORY OF PETROLEUM AND NATURAL GAS STORAGE. (a) Definition.—For purposes of this section “petroleum” means crude oil, motor gasoline, jet fuel, distillates, and propane. (b) Study.—The Secretary shall conduct a study on petroleum and natural gas storage capacity and operational inventory levels, nationwide and by major geographical regions. (c) Contents.—The study shall address— (1) historical normal ranges for petroleum and natural gas inventory levels; (2) historical and projected storage capacity trends; (3) estimated operation inventory levels below which outages, delivery slowdown, rationing, interruptions in service, or other indicators of shortage begin to appear; (4) explanations for inventory levels dropping below normal ranges; and (5) the ability of industry to meet United States demand for petroleum and natural gas without shortages or price spikes, when inventory levels are below normal ranges. (d) Report to Congress.—Not later than 1 year after the date of enactment of this Act, the Secretary shall submit a report to Congress on the results of the study, including findings and any recommendations for preventing future supply shortages.