Section 1 Short title
This Act may be cited as the “Home Heating Oil Price Reduction Act”.
Home Heating Oil Price Reduction Act
A BILL
To increase the size of the Northeast Home Heating Oil Reserve, and for other purposes.
Sec. 2 Northeast Home Heating Oil Reserve
Strengthening the Northeast Home Heating Oil Reserve— Section 181(a) of the Energy Policy and Conservation Act (42 U.S.C. 6250) is amended by striking “2 million” and inserting “4 million”.
Conditions for release— Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 6250b) is amended—
in subsection (b)—
in the subsection heading, by striking “Definition” and inserting “Definitions”;
by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively (and adjusting the margins accordingly); and
by striking “For purposes of this section a “dislocation in the heating oil market”” and inserting the following:
“(1) the term covered entity means—
“(A) the People’s Republic of China;
“(B) the Democratic People’s Republic of Korea;
“(C) the Russian Federation;
“(D) the Islamic Republic of Iran;
“(E) any other country the government of which is subject to sanctions imposed by the United States; and
“(F) any entity owned, controlled, or influenced by—
“(i) a country referred to in any of subparagraphs (A) through (F); or
“(ii) the Chinese Communist Party; and
“(2) a “dislocation in the heating oil market””
in subsection (d)—
in paragraph (2), by striking “; and” and inserting a semicolon;
in paragraph (3), by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(4) the Secretary shall prohibit the sale or export of petroleum distillate released under this section to a covered entity, except that the Secretary may issue a waiver of such prohibition if the Secretary certifies that any export or sale authorized pursuant to the waiver is in the national security interests of the United States.”
Elimination of limitation— Title III of the Energy and Water Development and Related Agencies Appropriations Act, 2012 (division B of the Consolidated Appropriations Act, 2012 (Public Law 112–74; 125 Stat. 869)), is amended, under the Northeast Home Heating Oil Reserve account, by striking “: Provided further, That notwithstanding section 181 of the Energy Policy and Conservation Act (42 U.S.C. 6250), for fiscal year 2012 and hereafter, the Reserve shall contain no more than 1 million barrels of petroleum distillate”.