article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Natural Gas Reserve Act of 2001''. SEC. 2. NATURAL GAS RESERVE. Title I of the Energy Policy and Conservation Act is amended by-- (1) redesignating part E as part F; (2) redesignating section 191 as section 198; and (3) inserting after part D the following new part E: ``Part E--Natural Gas Reserve ``establishment ``Sec. 191. (a) Authority.--Notwithstanding any other provision of this Act, the Secretary may establish, maintain, and operate a Natural Gas Reserve. The Reserve established under this part is not a component of the Strategic Petroleum Reserve established under part B of this title. ``(b) Definition.--For the purposes of this part, the term `natural gas' has the meaning given that term in section 2(1) of the Natural Gas Policy Act of 1978 (15 U.S.C. 3301(1)). ``authority ``Sec. 192. To the extent necessary or appropriate to carry out this part, the Secretary may-- ``(1) purchase, contract for, lease, or otherwise acquire, in whole or in part, storage and related facilities, and storage services; ``(2) use, lease, maintain, sell, or otherwise dispose of storage and related facilities acquired under this part; ``(3) acquire by purchase, exchange (including exchange of petroleum products from the Strategic Petroleum Reserve or received as royalty from Federal lands), lease, or otherwise, natural gas for storage in the Natural Gas Reserve; ``(4) store natural gas in facilities not owned by the United States; and ``(5) sell, exchange, or otherwise dispose of natural gas from the Natural Gas Reserve, including to maintain the quality or quantity of the natural gas in the Reserve or to maintain the operational capability of the Reserve. ``conditions for release; plan ``Sec. 193. (a) Finding.--The Secretary may sell products from the Natural Gas Reserve upon a finding that there is a natural gas supply shortage. ``(b) Release of Natural Gas.--After consultation with the natural gas industry, the Secretary shall determine procedures governing the release of natural gas from the Natural Gas Reserve. The procedures shall provide that-- ``(1) the Secretary may-- ``(A) sell natural gas from the Reserve through a competitive process; or ``(B) enter into exchange agreements described in section 192(3); ``(2) in all such sales or exchanges, the Secretary shall receive revenue or its equivalent that provides the Department with fair market value; ``(3) at no time may the natural gas be sold or exchanged resulting in a loss of revenue or value to the United States; and ``(4) the Secretary shall only sell or dispose of the natural gas in the Reserve to entities customarily engaged in the sale and distribution of natural gas. ``(c) Plan.--Within 45 days after the date of the enactment of this section, the Secretary shall transmit to the Congress a plan describing-- ``(1) the acquisition of storage and related facilities or storage services for the Natural Gas Reserve, including the potential use of storage facilities not currently in use; ``(2) the acquisition of natural gas for storage in the Natural Gas Reserve; ``(3) the anticipated methods of disposition of natural gas from the Natural Gas Reserve; ``(4) the estimated costs of establishment, maintenance, and operation of the Natural Gas Reserve; ``(5) efforts the Department will take to minimize any potential need for future drawdowns and ensure that distributors and importers are not discouraged from maintaining and increasing supplies; and ``(6) actions to ensure quality of the natural gas in the Natural Gas Reserve. ``natural gas reserve account ``Sec. 194. (a) Establishment.--Upon a decision of the Secretary of Energy to establish a Natural Gas Reserve under this part, the Secretary of the Treasury shall establish in the Treasury of the United States an account known as the `Natural Gas Reserve Account' (referred to in this section as the `Account'). ``(b) Deposits.--The Secretary of the Treasury shall deposit in the Account any amounts appropriated to the Account and any receipts from the sale, exchange, or other disposition of natural gas from the Natural Gas Reserve. ``(c) Availability.--The Secretary of Energy may obligate amounts in the Account to carry out activities under this part without the need for further appropriation, and amounts available to the Secretary of Energy for obligation under this section shall remain available without fiscal year limitation. ``exemptions ``Sec. 195. An action taken under this part is not subject to the rulemaking requirements of section 523 of this Act, section 501 of the Department of Energy Organization Act, or section 553 of title 5, United States Code.''.
summary: Natural Gas Reserve Act of 2001 - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy to establish and operate a Natural Gas Reserve (NGR), which shall not be deemed to be a component of the Strategic Petroleum Reserve.Sets forth implementation authority for natural gas release and sales predicated upon a finding that a natural gas supply shortage exists. Restricts such sales to entities customarily engaged in natural gas sale and distribution.Instructs the Secretary of the Treasury to establish a Natural Gas Reserve Account to serve as depository for receipts from disposition of NGR natural gas.Authorizes the Secretary of Energy to obligate amounts in such Account without the need for further appropriation. Retains the availability of such funds for obligation without fiscal year limitation.