Amends the Energy Policy and Conservation Act to instruct the Secretary of Energy to establish and operate a Strategic Refinery Reserve (SRR) in order to provide petroleum products to: (1) the general public; and (2) the federal government, including the Department of Defense, and state and local governments which choose to purchase refined petroleum products from the SRR.
Restricts availability of petroleum products from the SRR to: (1) periods of severe energy supply interruption; or (2) a regional petroleum product supply shortage of significant scope and duration, as determined by the President, if such action would assist directly and significantly in reducing the adverse impact of such shortage.
Directs the Secretary to ensure that SRR refineries are designed to enable a rapid increase in production capacity during such periods.
Requires the owner or operator of a domestic refinery to notify the Secretary at least six months in advance of permanently closing the refinery, and include in such notice an explanation of the reasons for the proposed closing.
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