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H.R. 8989: Buy Low and Sell High Act

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H.R. 8989: Buy Low and Sell High Act

117th Congress · introduced 2022-09-26 · Energy · Latest: Referred to the Subcommittee on Energy.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2022-09-26 · official record
  2. Who proposed it: Rep. Pallone, Frank, Jr. [D-NJ-6] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Energy. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Buy Low and Sell High Act

Plain summary

Buy Low and Sell High Act This bill revises requirements concerning the Strategic Petroleum Reserve (SPR), establishes an Economic Petroleum Reserve, creates a national network of Strategic Refined Petroleum Product Reserves, increases the size of the Northeast Home Heating Oil Reserve, limits the sale and exportation of petroleum products, and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply. Specifically, the bill directs the Department of Energy (DOE) to establish within the SPR an Economic Petroleum Reserve of up to 350 million barrels of crude oil. DOE may acquire crude oil from domestic producers at low prices and then sell the oil when the prices are high as specified by the bill. DOE must also establish a national network of Strategic Refined Petroleum Product Reserves to store up to 250 million barrels of gasoline and diesel fuel, which may be sold when there is a severe fuel supply interruption within the district in which the reserve is located. In addition, the bill increases the cap on the amount of barrels of petroleum distillate that may be stored in the Northeast Home Heating Oil Reserve from two million to four million. It also establishes limits on the sale and exportation of petroleum products from such reserves. For example, the bill prohibits the sale or export of fuel from the reserves to (1) China, North Korea, Russia, or Iran; (2) any other country under U.S. sanctions; or (3) any entity owned, controlled, or influenced by one of those countries or the Chinese Communist Party. However, DOE may issue a waiver of the prohibition if it is in the national security interests of the United States to allow such a sale or export. Finally, the bill establishes requirements and incentives to reduce fuel demand and increase fuel supply, including by (1) providing financial assistance for projects to electrify the transportation sector, (2) setting requirements concerning the minimum percentage of federal vehicles that must be zero-emission vehicles, and (3) directing DOE to establish a program to increase the amount of crude oil refined in oil refineries in certain countries in the Western Hemisphere.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Buy Low and Sell High Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Pallone, Frank, Jr. [D-NJ-6] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Josh Harder (D-CA), Angie Craig (D-MN), Jason Crow (D-CO), Lori Trahan (D-MA), Jahana Hayes (D-CT)

Sponsor's campaign money: Rep. Pallone, Frank, Jr. [D-NJ-6] reported raising $2.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities
Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong117-hr8989 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117