31 CFR 561.318 - Petroleum.

Regulations last checked for updates: Feb 16, 2025

Title 31 - Money and Finance: Treasury last revised: Jan 17, 2025

View all text of Subpart C [§ 561.301 - § 561.337]

§ 561.318 - Petroleum.

The term petroleum (also known as crude oil) means a mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.

[78 FR 16408, Mar. 15, 2013]

authority: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651,1701; 22 U.S.C. 8501-8551,8701; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 12957, 60 FR 14615, 3 CFR, 1995 Comp., p. 332; E.O. 13553, 75 FR 60567, 3 CFR, 2010 Comp., p. 253; E.O. 13599, 77 FR 6659, 3 CFR, 2012 Comp., p. 215; E.O. 13846, 83 FR 38939, 3 CFR, 2018 Comp., p. 854; E.O. 13871, 84 FR 20761, 3 CFR, 2019 Comp., p. 309

source: 77 FR 11726, Feb. 27, 2012, unless otherwise noted.

cite as: 31 CFR 561.318