SB 162 Summary

• Department of Commerce, Community, and Economic Development establishes a heating fuel energy relief program to provide subsidies when crude oil prices on the New York Mercantile Exchange exceed $75 per barrel.

• Energy relief payments reduce retail heating fuel prices to $2.50 per gallon (effective date through June 30, 2010), $2.75 per gallon (July 1, 2010–June 30, 2011), and $3.00 per gallon (July 1, 2011 onward).

• Fuel distributors apply for relief payments on department forms and must promise not to charge customers more than the specified retail prices in order to receive subsidies.

• Creates a heating fuel assistance fund from legislative appropriations, with money used solely to defray retail heating fuel costs under this program.

• Heating fuel receiving energy relief payments becomes ineligible for home heating assistance payments under existing state programs.

• Program terminates June 30, 2012; Act takes effect immediately upon passage.