This bill, the SPR Readiness and Long-Term Modernization Act, repeals two prior requirements that mandated the government sell oil from the Strategic Petroleum Reserve and instead redirects focus to long-term planning for the reserve's future. Within 180 days of enactment, the Secretary of Energy must complete a comprehensive review of the Strategic Petroleum Reserve and submit Congress an action plan that defines the reserve's role in U.S. energy security, evaluates whether current laws adequately support its mission, and recommends optimal capacity, location, storage, and distribution capabilities. The bill also updates reporting requirements, changing them from annual to semiannual reports to Congress covering actions taken to manage the reserve over the preceding 180-day period. Additionally, the legislation makes various technical corrections to existing energy policy statutes to clarify definitions and reorganize provisions related to the Strategic Petroleum Reserve. No specific new funding amounts are authorized in the bill, which focuses on strategic reassessment rather than new appropriations.