This Act may be cited as the “Bolstering Northeast Heating Oil and Gasoline Reserves Act of 2023”.

(a) In general.—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 Northeast Petroleum Product Reserves; and

(2) develop and submit to Congress a proposed action plan, including a proposed implementation schedule, that—

(A) specifies near- and long-term roles of the Northeast Petroleum Product Reserves 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 Northeast Petroleum Product Reserves are adequate to ensure that the Northeast Petroleum Product Reserves 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 Northeast Petroleum Product Reserves and recommends an action plan to achieve the optimal—

(i) capacity, location, and composition of petroleum products in the Northeast Petroleum Product Reserves; and

(ii) storage and distributional capabilities of the Northeast Petroleum Product Reserves; and

(D) estimates the resources required to attain and maintain the long-term sustainability and operational effectiveness of the Northeast Petroleum Product Reserves.

(b) Definition.—In this section, the term “Northeast Petroleum Product Reserves” means—

(1) the Northeast Home Heating Oil Reserve established under part D of the Energy Policy and Conservation Act (42 U.S.C. 6250 et seq.); and

(2) the Northeast Gasoline Supply Reserve.