A bill to amend the Energy Policy and Conservation Act to modify the conditions for the release of products from the Northeast Home Heating Oil Reserve Account, and for other purposes.

SECTION 1. RELEASE OF PRODUCTS FROM NORTHEAST HOME HEATING OIL RESERVE 
              ACCOUNT.

    Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 
6250b) is amended by striking subsection (a) and inserting the 
following:
    ``(a) Findings.--
            ``(1) Optional releases.--
                    ``(A) In general.--Subject to paragraph (2), the 
                Secretary may sell products from the Reserve only on a 
                finding by the President that--
                            ``(i) there is a severe energy supply 
                        interruption; or
                            ``(ii) the price of home heating oil 
                        threatens the health and safety of residents of 
                        the Northeast.
                    ``(B) Requirement.--The President may make a 
                finding under subparagraph (A) only if the President 
                determines that--
                            ``(i) a dislocation in the heating oil 
                        market has resulted from an interruption 
                        described in subparagraph (A)(i);
                            ``(ii) the price of home heating oil has 
                        increased by such an extent that the Northeast 
                        is experiencing, or will experience, an 
                        emergency situation that threatens the safety 
                        and health of residents of the Northeast; or
                            ``(iii)(I) a circumstance (other than a 
                        circumstance described in clause (i) or (ii)) 
                        exists that constitutes a regional supply 
                        shortage of significant scope and duration; and
                            ``(II) action taken under this section 
                        would assist directly and significantly in 
                        reducing the adverse impact of the shortage.
            ``(2) Mandatory releases.--
                    ``(A) In general.--For each fiscal year, the 
                Secretary shall sell--
                            ``(i) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as reported in the retail 
                        price data of the Energy Information 
                        Administration for the Northeast) is equal to 
                        or more than $4.00 per gallon (in 2008 dollars) 
                        on November 1 of that fiscal year;
                            ``(ii) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon (in 2008 
                        dollars) on December 1 of that fiscal year;
                            ``(iii) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon (in 2008 
                        dollars) on January 1 of that fiscal year;
                            ``(iv) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon (in 2008 
                        dollars) on February 1 of that fiscal year; and
                            ``(v) 20 percent of the quantity of 
                        products in the Reserve as of November 1 of 
                        that fiscal year, on a finding by the President 
                        that the average retail price of No. 2 heating 
                        oil in the Northeast (as so reported) is equal 
                        to or more than $4.00 per gallon (in 2008 
                        dollars) on March 1 of that fiscal year.
                    ``(B) Use of revenue.--The Secretary shall use any 
                revenue derived from the sale of products in the 
                Reserve under subparagraph (A) to provide assistance to 
                low-income consumers of heating oil under the 
                Weatherization Assistance Program for Low-Income 
                Persons established under part A of title IV of the 
                Energy Conservation and Production Act (42 U.S.C. 6861 
                et seq.).''.

Summary: Amends the Energy Policy and Conservation Act to revise requirements for the sale by the Secretary of Energy of products from the Northeast Home Heating Oil Reserve.

Authorizes the Secretary to sell from the Reserve if the President finds that: (1) there is a severe energy supply interruption (as under existing law); or (2) the price of home heating oil threatens the health and safety of residents of the Northeast.

Requires the Secretary to sell specified percentages of the quantity of products in the Reserve as of November 1 of a fiscal year if the President finds that, on successive monthly winter dates of the same fiscal year, the average retail price of No.2 heating oil in the Northeast is equal to or more than $4.00 per gallon (in 2008 dollars).

Requires the Secretary to use any revenue derived from such sales to provide assistance to low-income consumers of heating oil under the Weatherization Assistance Program for Low-Income Persons of the Energy Conservation and Production Act.