minimization of the cost of the Reserve;

Repealed. Pub. L. 106–469, title I, § 103(14)(C), Nov. 9, 2000, 114 Stat. 2031;

minimization of the Nation’s vulnerability to a severe energy supply interruption;

minimization of the impact of such acquisition upon supply levels and market forces; and

encouragement of competition in the petroleum industry.

maximize overall domestic supply of crude oil (including quantities stored in private sector inventories);

avoid incurring excessive cost or appreciably affecting the price of petroleum products to consumers;

minimize the costs to the Department of the Interior and the Department of Energy in acquiring such petroleum products (including foregone revenues to the Treasury when petroleum products for the Reserve are obtained through the royalty-in-kind program);

protect national security;

avoid adversely affecting current and futures prices, supplies, and inventories of oil; and

address other factors that the Secretary determines to be appropriate.

If the President finds that declines in the production of oil from domestic resources pose a threat to national energy security, the President may direct the Secretary to acquire oil from domestic production of stripper well properties for storage in the Strategic Petroleum Reserve. Except as provided in paragraph (2), the Secretary may set such terms and conditions as he deems necessary for such acquisition.