Energy Independence Act of 1987

[AI summary unavailable — showing source text] Energy Independence Act of 1987 - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy (Secretary), for the purpose of obtaining petroleum products for the Strategic Petroleum Reserve (SPR) and to the extent that amounts are credited to the SPR Petroleum Account (Account), to purchase either U.S. stripper well oil or crude oil exchanged for U.S. stripper well oil. Requires that such purchases be made on a competitive bid basis, subject to a minimum price of $25 per barrel, adjusted annually for inflation. Makes available to the Secretary, for SPR development, in any quarter at the beginning of which there is the equivalent of less than 1,000,000,000 barrels of crude oil in the SPR, funds from the Account in an amount equal to 25 percent of the aggregate amount of revenue collected during the previous quarter from the excise tax imposed by this Act on imported crude oil and petroleum products. Limits the use of such funds for SPR petroleum acquisition to periods when: (1) the SPR contains less than 1,000,000,000 barrels of crude oil; and (2) the world price of crude oil is $25 or less per barrel, adjusted for inflation. Provides for alternative energy secu…