§ 6247b - Purchase of oil from marginal wells

CHAPTER 77— ENERGY CONSERVATION › SUBCHAPTER I— DOMESTIC SUPPLY AVAILABILITY

(a) From amounts authorized under section 6246 of this title, in any case in which the price of oil decreases to an amount less than $15.00 per barrel (an amount equal to the annual average well head price per barrel for all domestic crude oil), adjusted for inflation, the Secretary may purchase oil from a marginal well at $15.00 per barrel, adjusted for inflation.

(b) The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A(c)(6)(E) of title 26.