Petroleum violation escrow funds refer to the money allocated to states by the Department of Energy or through court decisions. These funds are specifically identified as Alleged Crude Oil Violation funds and include any interest earned on them. However, they do not include any funds labeled as "excess funds" under specific provisions of the Petroleum Overcharge Distribution and Restitution Act.
This term is primarily used in the context of energy law and regulations concerning oil and gas. It often arises in legal proceedings related to alleged violations of petroleum pricing laws. Users may encounter this term when dealing with claims or distributions related to overcharges in crude oil pricing. Legal templates from US Legal Forms can assist individuals in navigating related procedures effectively.
Here are a couple of examples of abatement:
Example 1: A state receives $1 million in petroleum violation escrow funds due to a settlement regarding alleged overpricing of crude oil. The state can use these funds for energy conservation programs.
Example 2: A court awards funds to a state for alleged violations of petroleum pricing laws, which the state must manage according to specific regulations (hypothetical example).
Key statutes include:
Examples of state differences (not exhaustive):
| State | Key Differences |
|---|---|
| California | Has specific allocation rules for energy conservation projects. |
| Texas | Different procedures for fund distribution and management. |
| New York | Additional oversight requirements for fund usage. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Petroleum Overcharge | Excess charges on crude oil prices. | Overcharges may lead to escrow funds but are not the same as the funds themselves. |
| Escrow Account | A financial account held by a third party until obligations are met. | Escrow funds specifically refer to petroleum violation funds, not general escrow accounts. |
If you believe you are entitled to petroleum violation escrow funds, consider the following steps:
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They are funds allocated to states for alleged violations of crude oil pricing laws, including any interest earned.