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.
Requires the Secretary to use: (1) half of 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; and (2) half to provide any additional home energy assistance needs of one or more state arising from a natural disaster or other emergency.