The PIPE Act of 2023 eliminates the requirement that federal regulators conduct cost-benefit analyses when setting minimum safety standards for natural gas and hazardous liquid pipelines. Instead of weighing costs against safety benefits, the Pipeline and Hazardous Materials Safety Administration can establish safety standards based solely on technical and safety considerations. The bill also removes a previous exemption that allowed existing pipelines to avoid compliance with some safety standards, making all pipelines subject to the same safety requirements regardless of when they were built. Additionally, the legislation strengthens enforcement by prohibiting pipeline operators from intentionally releasing gas or hazardous liquid, and it expands criminal penalties to include reckless conduct, not just knowing and willful violations. The Secretary of Transportation must update federal pipeline safety regulations within 180 days of the bill's enactment to implement these changes.