(a) Short title.—This Act may be cited as the “Buy Low and Sell High Act”.

(b) Table of contents.—The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.

(a) Establishment.—Section 154 of the Energy Policy and Conservation Act (42 U.S.C. 6234) is amended by adding at the end the following:

“(g) Economic Petroleum Reserve.—

“(1) ESTABLISHMENT.—In carrying out subsection (b), the Secretary shall establish and maintain within the Strategic Petroleum Reserve an Economic Petroleum Reserve of up to 350,000,000 barrels of crude oil.

“(2) SOURCE.—The Economic Petroleum Reserve shall consist of—

“(A) 90,000,000 barrels of crude oil that are stored in the Strategic Petroleum Reserve on the date of enactment of this subsection, less any amounts drawn down and sold under section 161(k) after such date; and

“(B) any crude oil purchased under section 160(i).”.

(b) Purchases.—Section 160 of the Energy Policy and Conservation Act (42 U.S.C. 6240) is amended by adding at the end the following:

“(i) Purchase of crude oil for Economic Petroleum Reserve.—

“(1) IN GENERAL.—For purposes of section 154(g), the Secretary may acquire crude oil under this section only by purchase from domestic producers for a contract price of not more than $60 per barrel, in accordance with this subsection.

“(2) IMMEDIATE DELIVERY.—The Secretary may enter into a contract under paragraph (1) at any time for immediate delivery of crude oil.

“(3) FUTURE DELIVERY.—

“(A) AUTHORIZED PERIOD.—During the period that begins on the date of enactment of this subsection and ends on December 31, 2024, the Secretary may enter into a contract under paragraph (1) for delivery of crude oil to occur during the period that begins on January 1, 2025, and ends on December 31, 2027.

“(B) PRIORITY.—In carrying out subparagraph (A), to the extent there are multiple offers for contracts on equivalent terms, the Secretary shall give priority to contracts for crude oil produced by wells, including drilled but uncompleted wells, that are minimizing greenhouse gas emissions from activities at such wells, as determined by the Secretary in consultation with the Administrator of the Environmental Protection Agency.

“(4) FUNDING.—The Secretary may enter into a contract under paragraph (1) using amounts deposited in the SPR Petroleum Account under section 167(c)—

“(A) that are attributable to covered receipts described in section 167(e)(3)(A); or

“(B) that were appropriated for such purpose pursuant to section 166.

“(5) APPLICABILITY OF CERTAIN CONSIDERATIONS.—The objectives described in subsections (b)(4), (c)(2), and (c)(5) shall not apply to the acquisition of crude oil pursuant to a contract under paragraph (1).”.

(c) Drawdown and sale.—Section 161 of the Energy Policy and Conservation Act (42 U.S.C. 6241) is amended by adding at the end the following:

“(k) Drawdown and sale from economic petroleum reserve.—

“(1) IN GENERAL.—Notwithstanding subsection (d)(1), the Secretary may draw down and sell crude oil from amounts in the Economic Petroleum Reserve established under section 154(g) at any time the front-month futures price of West Texas Intermediate crude oil has remained greater than $90 per barrel for at least one week.

“(2) APPROPRIATIONS.—

“(A) STATE ENERGY TRANSPORTATION PLANS.—Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 367 an amount equal to $9 for each barrel of crude oil sold under this subsection.

“(B) PLUG-IN ELECTRIC DRIVE VEHICLE PROGRAM.—Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 131(b) of the Energy Independence and Security Act of 2007 (42 U.S.C. 17011) an amount equal to $2 for each barrel of crude oil sold under this subsection.

“(C) LARGE-SCALE TRANSPORTATION SECTOR ELECTRIFICATION PROGRAM.—Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 131(c) of the Energy Independence and Security Act of 2007 (42 U.S.C. 17011) an amount equal to $3 for each barrel of crude oil sold under this subsection.

“(D) ASSISTANCE FOR WESTERN HEMISPHERE REFINERIES.—Notwithstanding section 167, there is appropriated to the Secretary of Energy to carry out section 301 of the Buy Low and Sell High Act an amount equal to $1 for each barrel of crude oil sold under this subsection.”.

(a) Establishment.—Title I of the Energy Policy and Conservation Act (42 U.S.C. 6234) is amended by adding at the end the following:

(b) Conforming amendments.—

(1) AUTHORIZATION OF APPROPRIATIONS.—Section 166 of the Energy Policy and Conservation Act (42 U.S.C. 6246) is amended by striking “and part D” and inserting “, part D, and part E”.

(2) CLERICAL AMENDMENT.—The table of contents for the Energy Policy and Conservation Act is amended in the matter relating to title I by striking the items relating to the second part D (relating to Expiration) and the second section 181 and inserting the following:

(a) 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”.

(b) Conditions for release.—Section 183 of the Energy Policy and Conservation Act (42 U.S.C. 6250b) is amended—

(1) in subsection (b)—

(A) in the subsection heading, by striking “Definition” and inserting “Definitions”;

(B) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively (and adjusting the margins accordingly); and

(C) by striking “For purposes of this section a ‘dislocation in the heating oil market’” and inserting the following: “For purposes of this section—

“(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’

(2) in subsection (d)—

(A) in paragraph (2), by striking “; and” and inserting a semicolon;

(B) in paragraph (3), by striking the period at the end and inserting “; and”; and

(C) 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.”.

(c) Proceeds from sales.—

(1) IN GENERAL.—Section 184 of the Energy Policy and Conservation Act (42 U.S.C. 6250c) is amended to read as follows:

(2) CLERICAL AMENDMENT.—The table of contents for the Energy Policy and Conservation Act is amended by striking the item relating to section 184 and inserting the following:

“184. Proceeds from sales.”.

(d) 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”.

(a) In general.—Section 167 of the Energy Policy and Conservation Act (42 U.S.C. 6247) is amended—

(1) in subsection (b)—

(A) by striking “the acquisition, transportation, and injection of petroleum products into the Strategic Petroleum Reserve, for test sales of petroleum products from the Reserve, and for the drawdown, sale, and delivery of petroleum products from the Reserve” and inserting “covered activities”; and

(B) in paragraph (3), by striking “the receipts to the United States from the sale of petroleum products in any drawdown and distribution of the Strategic Petroleum Reserve under section 161, including a drawdown and distribution carried out under subsection (g) of such section, or from the sale of petroleum products under section 160(f)” and inserting “covered receipts”;

(2) in subsection (d), by striking “the sale of petroleum products in any drawdown and distribution of the Strategic Petroleum Reserve under section 161, including a drawdown and distribution carried out under subsection (g) of such section, and from the sale of petroleum products under section 160(f)” and inserting “covered sales”; and

(3) by adding at the end the following:

“(e) Definitions.—In this section:

“(1) COVERED ACTIVITY.—The term ‘covered activity’ means—

“(A) the acquisition, transportation, and injection of petroleum products into the Strategic Petroleum Reserve;

“(B) the sale of petroleum products in any drawdown and distribution of the Strategic Petroleum Reserve under section 161, including a drawdown and distribution carried out under subsection (g) of such section;

“(C) the sale of petroleum products under section 160(f);

“(D) an activity under part D; and

“(E) an activity under part E.

“(2) COVERED SALE.—The term ‘covered sale’ means—

“(A) the sale of petroleum products in any drawdown and distribution of the Strategic Petroleum Reserve under section 161, including a drawdown and distribution carried out under subsection (g) of such section;

“(B) the sale of petroleum products under section 160(f);

“(C) the sale, exchange, or other disposition of petroleum distillate from the Northeast Home Heating Oil Reserve; and

“(D) the sale, exchange, or other disposition of gasoline or diesel fuel from a Strategic Refined Petroleum Product Reserve.

“(3) COVERED RECEIPTS.—The term ‘covered receipts’ means—

“(A) receipts to the United States from the sale of petroleum products in any drawdown and distribution of the Strategic Petroleum Reserve under section 161 (including a drawdown and distribution carried out under subsection (g) of such section), less amounts equal to any amounts appropriated by subsection (k)(2) of such section;

“(B) receipts to the United States from the sale of petroleum products under section 160(f);

“(C) receipts to the United States from the sale, exchange, or other disposition of petroleum distillate from the Northeast Home Heating Oil Reserve; and

“(D) receipts to the United States from the sale, exchange, or other disposition of gasoline or diesel fuel from a Strategic Refined Petroleum Product Reserve.”.

(b) Transfer of funds.—The assets and liabilities of the Northeast Home Heating Oil Reserve Account established in the Treasury under section 184 of the Energy Policy and Conservation Act (42 U.S.C. 6250c), as in effect on the day before the date of enactment of this Act, are hereby transferred to the SPR Petroleum Account established in the Treasury under section 167 of the Energy Policy and Conservation Act (42 U.S.C. 6247), and such Northeast Home Heating Oil Reserve Account is hereby abolished.

(a) In general.—The Energy Policy and Conservation Act is amended by inserting after section 163 (42 U.S.C. 6243) the following:

(b) Conforming amendments.—

(1) DRAWDOWN AND SALE OF PETROLEUM PRODUCTS.—Section 161(a) of the Energy Policy and Conservation Act (42 U.S.C. 6241(a)) is amended by inserting “and section 164” before the period at the end.

(2) CLERICAL AMENDMENT.—The table of contents for the Energy Policy and Conservation Act is amended by inserting after the item relating to section 163 the following:

“Sec. 164. Prohibition on certain exports.”.

(a) Use of underutilized strategic petroleum reserve facilities.—Section 168 of the Energy Policy and Conservation Act (42 U.S.C. 6247a) is amended to read as follows:

(b) Pilot program To lease Strategic Petroleum Reserves.—

(1) IN GENERAL.—Part B of title I of the Energy Policy and Conservation Act (42 U.S.C. 6231 et seq.) is amended by adding at the end the following:

(2) CONFORMING AMENDMENT.—The table of contents for the Energy Policy and Conservation Act is amended by adding after the item relating to section 169 the following:

“Sec. 170. Pilot program to lease storage and related facilities.”.

(a) Reconciliation on the budget for fiscal year 2018.—Section 20003(a) of Public Law 115–97 (131 Stat. 2237) is amended—

(1) in paragraph (1), by striking “during the period of fiscal years 2026 through 2027” and inserting “by the end of fiscal year 2027”; and

(2) by adding at the end the following:

“(3) TIMING.—In determining the timing of each drawdown and sale from the Strategic Petroleum Reserve under this section, to the maximum extent practicable, the Secretary shall maximize the financial return to the United States taxpayers.”.

(b) America’s Water Infrastructure Act of 2018.—Section 3009(a) of America’s Water Infrastructure Act of 2018 (Public Law 115–270; 132 Stat. 3870) is amended—

(1) in paragraph (1), by striking “during” and inserting “by the end of”; and

(2) by adding at the end the following:

“(3) TIMING.—In determining the timing of each drawdown and sale from the Strategic Petroleum Reserve under this section, to the maximum extent practicable, the Secretary shall maximize the financial return to the United States taxpayers.”.

(c) Infrastructure Investment and Jobs Act.—Section 90002(a) of the Infrastructure Investment and Jobs Act (Public Law 117–58; 135 Stat. 1342) is amended—

(1) in paragraph (1), by striking “during the period of fiscal years 2028 through 2031” and inserting “by the end of fiscal year 2032”; and

(2) by amending paragraph (2) to read as follows:

“(2) TIMING.—In determining the timing of each drawdown and sale from the Strategic Petroleum Reserve under this section, to the maximum extent practicable, the Secretary shall maximize the financial return to the United States taxpayers.”.

Not later than 24 months after the date of enactment of this Act, the Secretary of Energy shall—

(1) conduct a study on how the Department of Energy could deliver products sold from the Strategic Petroleum Reserve, a Strategic Refined Petroleum Product Reserve, or the Northeast Home Heating Oil Reserve in the event of an attack or disruption that renders pipelines to deliver such products unusable; and

(2) submit to Congress a plan, based on the results of such study, to carry out such delivery.

(a) State energy transportation plans.—

(1) IN GENERAL.—Part D of title III of the Energy Policy and Conservation Act (42 U.S.C. 6321 et seq.) is amended by adding at the end the following:

(2) CONFORMING AMENDMENT.—The table of sections for part D of title III of the Energy Policy and Conservation Act is amended by adding at the end the following:

“Sec. 367. State energy transportation plans.”.

(b) State energy conservation plans.—Section 362(d) of the Energy Policy and Conservation Act (42 U.S.C. 6322(d)) is amended—

(1) in paragraph (17), by striking “; and” and inserting a semicolon;

(2) by redesignating paragraph (18) as paragraph (19); and

(3) by inserting after paragraph (17) the following:

“(18) a State energy transportation plan developed in accordance with section 367; and”.

(c) Authorization of appropriations.—Section 365(f) of the Energy Policy and Conservation Act (42 U.S.C. 6325(f)) is amended by adding at the end the following:

“(3) STATE ENERGY TRANSPORTATION PLANS.—In addition to the amounts authorized under paragraph (1), for the purpose of carrying out section 367, there are authorized to be appropriated such sums as may be necessary.”.

Section 131 of the Energy Independence and Security Act of 2007 (42 U.S.C. 17011) is amended—

(1) in subsection (a)(6)—

(A) in subparagraph (A), by inserting “, including ground support equipment at ports” before the semicolon;

(B) in subparagraph (E), by inserting “and vehicles” before the semicolon;

(C) in subparagraph (H), by striking “and” at the end;

(D) in subparagraph (I)—

(i) by striking “battery chargers,”; and

(ii) by striking the period at the end and inserting a semicolon; and

(E) by adding at the end the following:

“(J) installation of electric vehicle supply equipment for recharging plug-in electric drive vehicles, including such equipment that is accessible in rural and urban areas and in underserved or disadvantaged communities and such equipment for medium- and heavy-duty vehicles, including at depots and in-route locations;

“(K) multi-use charging hubs used for multiple forms of transportation;

“(L) medium- and heavy-duty vehicle smart charging management and refueling;

“(M) battery recycling and secondary use, including for medium- and heavy-duty vehicles; and

“(N) sharing of best practices, and technical assistance provided by the Department to public utilities commissions and utilities, for medium- and heavy-duty vehicle electrification.”;

(2) in subsection (b)—

(A) in paragraph (3)(A)(ii), by inserting “, components for such vehicles, and charging equipment for such vehicles” after “vehicles”; and

(B) in paragraph (6), by striking “$90,000,000 for each of fiscal years 2008 through 2012” and inserting “such sums as may be necessary”;

(3) in subsection (c)—

(A) in the header, by striking “Near-Term” and inserting “Large-Scale”; and

(B) in paragraph (4), by striking “$95,000,000 for each of fiscal years 2008 through 2013” and inserting “such sums as may be necessary”; and

(4) by redesignating subsection (d) as subsection (e) and inserting after subsection (c) the following:

“(d) Priority.—In providing grants under subsections (b) and (c), the Secretary shall give priority consideration to applications that contain a written assurance that all laborers and mechanics employed by contractors or subcontractors during construction, alteration, or repair that is financed, in whole or in part, by a grant provided under this section shall be paid wages at rates not less than those prevailing on similar construction in the locality, as determined by the Secretary of Labor in accordance with sections 3141 through 3144, 3146, and 3147 of title 40, United States Code (and the Secretary of Labor shall, with respect to the labor standards described in this clause, have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (5 U.S.C. App.) and section 3145 of title 40, United States Code).”.

(a) Minimum Federal fleet requirement.—Section 303 of the Energy Policy Act of 1992 (42 U.S.C. 13212) is amended—

(1) in subsection (a), by adding at the end the following:

“(3) The Secretary, in consultation with the Administrator of General Services, shall ensure that in acquiring medium- and heavy-duty vehicles for a Federal fleet, a Federal entity shall acquire zero-emission vehicles to the maximum extent feasible.”;

(2) by striking subsection (b) and inserting the following:

“(b) Percentage requirements.—

“(1) IN GENERAL.—

“(A) LIGHT-DUTY VEHICLES.—Beginning in fiscal year 2026, 100 percent of the total number of light-duty vehicles acquired by a Federal entity for a Federal fleet shall be alternative fueled vehicles, of which—

“(i) at least 50 percent shall be zero-emission vehicles or plug-in hybrids in fiscal years 2026 through 2034;

“(ii) at least 75 percent shall be zero-emission vehicles or plug-in hybrids in fiscal years 2035 through 2049; and

“(iii) 100 percent shall be zero-emission vehicles in fiscal year 2050 and thereafter.

“(B) MEDIUM- AND HEAVY-DUTY VEHICLES.—The following percentages of the total number of medium- and heavy-duty vehicles acquired by a Federal entity for a Federal fleet shall be alternative fueled vehicles:

“(i) At least 20 percent in fiscal years 2026 through 2029.

“(ii) At least 30 percent in fiscal years 2030 through 2039.

“(iii) At least 40 percent in fiscal years 2040 through 2049.

“(iv) At least 50 percent in fiscal year 2050 and thereafter.

“(2) EXCEPTION.—The Secretary, in consultation with the Administrator of General Services where appropriate, may permit a Federal entity to acquire for a Federal fleet a smaller percentage than is required in paragraph (1) for a fiscal year, so long as the aggregate percentage acquired for each class of vehicle for all Federal fleets in the fiscal year is at least equal to the required percentage.

“(3) DEFINITIONS.—In this subsection:

“(A) FEDERAL FLEET.—The term ‘Federal fleet’ means a fleet of vehicles that are centrally fueled or capable of being centrally fueled and are owned, operated, leased, or otherwise controlled by or assigned to any Federal executive department, military department, Government corporation, independent establishment, or executive agency, the United States Postal Service, the Congress, the courts of the United States, or the Executive Office of the President. Such term does not include—

“(i) motor vehicles held for lease or rental to the general public;

“(ii) motor vehicles used for motor vehicle manufacturer product evaluations or tests;

“(iii) law enforcement vehicles;

“(iv) emergency vehicles; or

“(v) motor vehicles acquired and used for military purposes that the Secretary of Defense has certified to the Secretary must be exempt for national security reasons.

“(B) FLEET.—The term ‘fleet’ means—

“(i) 20 or more light-duty vehicles, located in a metropolitan statistical area or consolidated metropolitan statistical area, as established by the Bureau of the Census, with a 1980 population of more than 250,000; or

“(ii) 10 or more medium- or heavy-duty vehicles, located at a Federal facility or located in a metropolitan statistical area or consolidated metropolitan statistical area, as established by the Bureau of the Census, with a 1980 population of more than 250,000.”; and

(3) in subsection (f)(2)(B)—

(A) by striking “, either”; and

(B) in clause (i), by striking “or” and inserting “and”.

(b) Federal fleet conservation requirements.—Section 400FF(a) of the Energy Policy and Conservation Act (42 U.S.C. 6374e) is amended—

(1) in paragraph (1)—

(A) by striking “18 months after the date of enactment of this section” and inserting “12 months after the date of enactment of the Buy Low and Sell High Act”;

(B) by striking “2010” and inserting “2023”; and

(C) by striking “and increase alternative fuel consumption” and inserting “, increase alternative fuel consumption, and reduce vehicle greenhouse gas emissions”; and

(2) by striking paragraph (2) and inserting the following:

“(2) GOALS.—The goals of the requirements under paragraph (1) are that each Federal agency shall—

“(A) reduce fleet-wide per-mile greenhouse gas emissions from agency fleet vehicles, relative to a baseline of emissions in 2015, by—

“(i) not less than 30 percent by the end of fiscal year 2026;

“(ii) not less than 50 percent by the end of fiscal year 2030; and

“(iii) 100 percent by the end of fiscal year 2050; and

“(B) increase the annual percentage of alternative fuel consumption by agency fleet vehicles as a proportion of total annual fuel consumption by Federal fleet vehicles, to achieve—

“(i) 25 percent of total annual fuel consumption that is alternative fuel by the end of fiscal year 2026;

“(ii) 50 percent of total annual fuel consumption that is alternative fuel by the end of fiscal year 2035; and

“(iii) at least 85 percent of total annual fuel consumption that is alternative fuel by the end of fiscal year 2050.”.

(a) Establishment.—The Secretary of Energy shall establish and carry out a program to increase the amount of crude oil refined in oil refineries located in covered countries by—

(1) developing, producing, or procuring resources, materials, or equipment that can be used at such oil refineries to increase the amount of crude oil refined at such oil refineries;

(2) providing to covered entities, under such terms and conditions as the Secretary of Energy determines appropriate, resources, materials, or equipment that can be used at such oil refineries to increase the amount of crude oil refined at such oil refineries;

(3) issuing grants, loans, or loan guarantees to covered entities, under such terms and conditions as the Secretary of Energy determines appropriate, to carry out projects in covered countries that can increase the amount of crude oil refined in such oil refineries; and

(4) providing technical assistance to covered entities, as the Secretary of Energy determines necessary to increase the amount of crude oil refined in such oil refineries.

(b) Partnerships.—The Secretary of Energy may partner with other Federal agencies to carry out the program established under subsection (a).

(c) Authority To enter into agreements.—In carrying out the program established under subsection (a), the Secretary of Energy may enter into one or more agreements directly with third parties under such terms and conditions as the Secretary of Energy determines appropriate.

(d) Definitions.—In this section:

(1) COVERED COUNTRY.—The term “covered country” means a foreign country located in the Western Hemisphere, other than Venezuela, with respect to which the Secretary of State, in consultation with the Secretary of Defense and the Secretary of Energy, determines that increased crude oil refining in that country would promote the national security and economic interests of the United States.

(2) COVERED ENTITY.—The term “covered entity” means a covered country or a third party that owns or operates an oil refinery located in a covered country.

(e) Authorization of appropriations.—There is authorized to be appropriated to the Secretary of Energy to carry out this section $90,000,000 for fiscal year 2024, to remain available until September 30, 2026.