Prioritization and investments relating to the Strategic Petroleum Reserve

(a) Repeal of certain drawdown and sale requirements for the Strategic Petroleum Reserve The following provisions of law requiring a drawdown or sale of the Strategic Petroleum Reserve are repealed: (1) Section 3009 of the America's Water Infrastructure Act of 2018 (Public Law 115–270; 132 Stat. 3870). (2) Section 90002 of the Infrastructure Investment and Jobs Act (42 U.S.C. 6241 note; Public Law 117–58). (b) Assessment and long-Term plan Not later than 180 days after the date of enactment of this Act, the Secretary of Energy shall— (1) complete a long-range strategic review of the Strategic Petroleum Reserve; and (2) develop and submit to Congress a proposed action plan, including a proposed implementation schedule, that— (A) specifies near-term and long-term roles of the Strategic Petroleum Reserve relative to the energy and economic security goals and objectives of the United States; (B) describes whether existing legal authorities that govern the policies, configuration, and capabilities of the Strategic Petroleum Reserve are adequate to ensure that the Strategic Petroleum Reserve can meet the current and future energy and economic security goals and objectives of the United States; (C) identifies the configuration and performance capabilities of the Strategic Petroleum Reserve and recommends an action plan to achieve the optimal— (i) capacity, location, and composition of petroleum products in the Strategic Petroleum Reserve; and (ii) storage and distributional capabilities; and (D) estimates the resources required to attain and maintain the long-term sustainability and operational effectiveness of the Strategic Petroleum Reserve. (c) Updated reporting requirements Section 165 of the Energy Policy and Conservation Act (42 U.S.C. 6245) is amended— (1) in paragraph (5), by striking in the preceding year and planned in the following year and inserting during the period covered by the report and planned during the following 180 days; (2) in paragraph (8), by striking for the year and inserting during that period; (3) in paragraph (10), by adding and after the semicolon at the end; (4) by redesignating paragraphs (1) through (11) as paragraphs (2) through (12), respectively; and (5) by striking the section designation and heading and all that follows through shall include— in the second sentence of the matter preceding paragraph (2) (as so redesignated) and inserting the following: 165. Semiannual reports (a) In general Not less frequently than twice each year, the Secretary shall submit to the President and Congress a report describing actions carried out to implement this part during the preceding 180-day period. (b) Inclusions Each report under this section shall include, with respect to the period covered by the report— (1) impacts to any well, cavern, or related facilities of the Reserve;. (d) Technical and conforming amendments (1) Section 151 of the Energy Policy and Conservation Act (42 U.S.C. 6231) is amended— (A) by striking the section designation and heading and all that follows through Congress finds that in subsection (a) and inserting the following: 151. Findings; declaration of policy (a) Findings Congress finds that—; and (B) in subsection (b), by striking (b) It and inserting the following: (b) Declaration of policy It. (2) Section 152 of the Energy Policy and Conservation Act (42 U.S.C. 6232) is amended— (A) by striking paragraphs (5) and (6); (B) by redesignating paragraphs (2), (4), (8), (9), (10), and (11) as paragraphs (1), (2), (3), (4), (5), and (6), respectively; (C) in each of paragraphs (1) through (6) (as so redesignated), by adding a paragraph heading, the text of which comprises the term defined in the paragraph; and (D) by striking the section designation and heading and all that follows through As used in in the matter preceding paragraph (1) (as so redesignated) and inserting the following: 152. Definitions In. (3) Section 154 of the Energy Policy and Conservation Act (42 U.S.C. 6234) is amended by redesignating subsection (f) as subsection (c). (4) Section 159 of the Energy Policy and Conservation Act (42 U.S.C. 6239) is amended— (A) in subsection (f)(7), by adding and after the semicolon at the end; and (B) by redesignating subsections (f), (g), (j), (k), and (l) as subsections (a), (b), (c), (d), and (e), respectively. (5) (A) Section 160 of the Energy Policy and Conservation Act (42 U.S.C. 6240) is amended— (i) in subsection (b), by redesignating paragraphs (3) through (5) as paragraphs (2) through (4), respectively; and (ii) by redesignating subsections (f) and (h) as subsections (d) and (e), respectively. (B) Section 167 of the Energy Policy and Conservation Act (42 U.S.C. 6247) is amended by striking section 160(f) each place it appears and inserting section 160(d). (6) (A) Section 161 of the Energy Policy and Conservation Act (42 U.S.C. 6241) is amended— (i) in subsection (g)— (I) by conforming the margin of paragraph (6) so as to conform with the margin of paragraph (5); and (II) by redesignating paragraphs (3) through (8) as paragraphs (2) through (7), respectively; (ii) in subsection (h)(1)— (I) in subparagraph (A), by striking subsection (d) and inserting subsection (b); and (II) by conforming the margins of subparagraphs (C) and (D) so as to conform with the margin of subparagraph (B); (iii) in subsection (j)(2), in the paragraph heading, by striking In general and inserting Authorization; and (iv) by redesignating subsections (d), (e), (g), (h), (i), and (j) as subsections (b), (c), (d), (e), (f), and (g), respectively. (B) Section 167 of the Energy Policy and Conservation Act (42 U.S.C. 6247) is amended by striking subsection (g) of such section each place it appears and inserting subsection (d) of that section. (7) Section 167(b) of the Energy Policy and Conservation Act (42 U.S.C. 6247(b)) is amended— (A) by redesignating paragraphs (2) and (3) as subparagraphs (A) and (B), respectively, and indenting the subparagraphs appropriately; (B) in the undesignated matter following subparagraph (B) (as so redesignated), by striking Funds and inserting the following: (2) Availability The funds made; and (C) by striking (b) Amounts and inserting the following: (b) Obligation (1) In general Amounts. (8) Section 168(a) of the Energy Policy and Conservation Act (42 U.S.C. 6247a(a)) is amended, in the first sentence, by striking product owned and inserting products owned. (9) Section 169(b) of the Energy Policy and Conservation Act (42 U.S.C. 6247b(b)) is amended by striking The and inserting In this section, the.