Oil Reserve Pricing Reform Act - Authorizes the Secretary of Energy, in certain circumstances, to defer a petroleum acquisition for the Strategic Petroleum Reserve (SPR) that is in excess of 700,000,000 barrels.
Requires the Secretary, in determining whether to defer such acquisition, to: (1) use pre-2202 market-based practices when deciding to acquire petroleum for the Strategic Petroleum Reserve; (2) carry out and make public analyses of costs and savings; (3) report to Congress the impact such acquisition will have on the domestic and foreign supply of petroleum and the resulting price increases or decreases; and (4) consult with the Secretary of Homeland Security on the security consequences of such acquisition or deferral.