Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act Law and Legal Definition
Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act (Act) is a federal statute established by Congress. U.S oil shale, tar sands, and other unconventional fuels are very important domestic resources. Oil shale is formed by the deposition of debris on lake beds and sea bottoms over a period of millions of years. A significant portion of oil shale is found only in the U.S. and this facilitates the U.S. in its energy independence. Tar sands are also as important as oil shale. The Act aims at reducing the growing dependence of U.S. on politically and economically unstable sources of foreign oil imports.
The Act states that the development of oil shale, tar sands, and other strategic unconventional fuels is vital for research and commercial development. According to the Act,, research should be conducted in an environmentally sound manner, using practices that minimize impacts.[ 42 USCS § 15927]
The Act provides the following benefits:
1. Reduced price in crude;
2.Increase in employment;
3.Increase in state and local revenues;
4. Strategic benefits;
5. Favored fuel quality.
Legal Definition list
- Oil Pollution Act
- Oil Payment
- Oil Gas And Minerals
- Oil Depletion Allowance
- Oil and Gas Royalty Management
- Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act
- Oil Spill
- Oil Spill Financial Responsibility
- Oil Spill Removal Organization
- Oil Spill Response Vessel
- Oil Tanker
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