Senate Bill No. 1171, identified as File No. 395, is a legislative proposal that mandates the Commissioner of Energy and Environmental Protection to conduct a study on the state's adoption of hedging strategies to mitigate the risk of a petroleum shortage. The study is to include an examination of any necessary legislation that would enable the state to participate in the petroleum market to prevent shortages, as well as methods to ensure an adequate supply of petroleum for home heating and electricity generation. The commissioner is required to report the findings of the study to the joint standing committee of the General Assembly with jurisdiction over energy and technology matters by February 1, 2024.

The bill, which is to take effect upon passage, introduces a new section to the statutes. The fiscal impact statement attached to the bill indicates that there will be no fiscal impact on the state or municipal governments, as the study can be conducted within the existing resources of the Department of Energy and Environmental Protection (DEEP). The bill has received a joint favorable report from the Energy and Technology Committee with a unanimous vote of 20 yeas and no nays on March 14, 2023.