Acquiring petroleum products by exchange.

CFR · 2024-01-01 · US · Title 10

(a) (b) (2) At any point, in the event of an emergency, a requestor may request, in writing, for an exchange of petroleum product from the SPR. (3) All requests shall include the following: (i) A justification of need that describes: (A) The emergency event, (B) The emergency event's impact on the requestor, and (C) The requestor's inability to acquire petroleum product from an alternative source; (ii) The quantity of petroleum product (in barrels) requested; (iii) The quality specifications of petroleum product requested; and (iv) The anticipated duration of the emergency event. (4) Upon receipt of an emergency request, DOE will verify the emergency, evaluate the need, and assess the market to ensure there is no alternative source of petroleum products available to the requester. DOE, in its sole discretion, may approve or disapprove any emergency request. (5) Upon approval of an emergency request, DOE may enter into contract negotiations with the requestor. (6) Repayment to the SPR for an exchange by emergency request shall be in the form of barrels of petroleum products, or another form of repayment as permitted by law, and shall include the following to be returned to the SPR by the contracted date: (i) The principal amount of petroleum products provided to the requestor; (ii) A premium; and (iii) Costs incurred by DOE in conducting the emergency request. (c) (i) May be either continuously open or fixed for a period of time; (ii) Shall advertise the quantity and quality s

official document · source cfr-2024 · id 10:§ 626.7