A bill to reduce the dependence of the United States on foreign oil, and for other purposes.

Summary: Oil Savings Act of 2008 - States that it is U.S. policy to reduce the dependence of the United States on oil and thereby: (1) alleviate the strategic dependence of the United States on oil-producing countries; (2) reduce the economic vulnerability of the United States; and (3) reduce the greenhouse gas emissions associated with oil use.

Directs an Interagency Task Force, composed of the Secretaries of Energy, Transportation, Defense, Agriculture, and the Treasury, as well as the Administrator of the Environmental Protection Agency (EPA) and any other agency head determined appropriate by the President, to: (1) publish an action plan for achieving specified oil savings targets during calendar years 2016, 2026, and 2030; and (2) report to Congress on the progress achieved in implementing such targets and expected oil savings under the action plan. Requires the plan to include an analysis demonstrating expected oil savings that result from changes to motor vehicle fuel consumption standards and under the renewable fuel program.

Requires a revised action plan if oil savings fall short of targets.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oil Savings Act of 2008''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the United States imports more oil from the Middle East 
        today than before the attacks on the United States on September 
        11, 2001;
            (2) the United States remains the most oil-dependent 
        industrialized nation in the world, consuming approximately 25 
        percent of the oil supply of the world;
            (3) the ongoing dependence of the United States on foreign 
        oil is one of the greatest threats to the national security and 
        economy of the United States; and
            (4) the United States needs to take transformative steps to 
        wean itself from its addiction to oil.

SEC. 3. POLICY ON REDUCING OIL DEPENDENCE.

    It is the policy of the United States to reduce the dependence of 
the United States on oil, and thereby--
            (1) alleviate the strategic dependence of the United States 
        on oil-producing countries;
            (2) reduce the economic vulnerability of the United States; 
        and
            (3) reduce the greenhouse gas emissions associated with oil 
        use.

SEC. 4. OIL SAVINGS PLAN.

    (a) Initial Oil Savings Target and Action Plan.--Not later than 270 
days after the date of enactment of this Act, an interagency task force 
composed of the Secretary of Energy, the Secretary of Transportation, 
the Secretary of Defense, the Secretary of Agriculture, the Secretary 
of the Treasury, the Administrator of the Environmental Protection 
Agency, and the head of any other agency the President determines 
appropriate (referred to in this section as the ``Interagency Task 
Force'') shall publish in the Federal Register an action plan 
consisting of--
            (1) a draft list of proposals for agency action that will 
        be sufficient, when taken together, to save from the baseline 
        determined under subsection (d)--
                    (A) 2,500,000 barrels of oil per day on average 
                during calendar year 2016;
                    (B) 7,000,000 barrels of oil per day on average 
                during calendar year 2026; and
                    (C) 10,000,000 barrels per day on average during 
                calendar year 2030; and
            (2) a Federal Government-wide analysis demonstrating--
                    (A) the expected oil savings from the baseline to 
                be accomplished by--
                            (i) chapter 329 of title 49, United States 
                        Code (including regulations promulgated to 
                        carry out that chapter); and
                            (ii) section 211(o) of the Clean Air Act 
                        (42 U.S.C. 7545(o)) (including regulations 
                        promulgated to carry out section 211(o) of that 
                        Act); and
                    (B) that the proposals described in paragraph (1), 
                taken together with expected oil savings described in 
                subparagraph (A), will achieve the oil savings 
                specified in this subsection.
    (b) Review and Update of Action Plan.--
            (1) Review.--Not later than January 1, 2011, and every 3 
        years thereafter, the Interagency Task Force shall submit to 
        Congress, and publish, a report that--
                    (A) evaluates the progress achieved in implementing 
                the oil savings targets established under subsection 
                (a);
                    (B) analyzes the expected oil savings under the 
                action plan established under that subsection; and
                    (C)(i) analyzes the potential to achieve oil 
                savings that are in addition to the oil savings goals 
                under that subsection; and
                    (ii) if the President determines that it is in the 
                national interest, requires an analysis under that 
                subsection for a higher oil savings goal for calendar 
                year 2017 or any subsequent calendar year.
            (2) Insufficient oil savings.--If the oil savings are less 
        than the targets described in subsection (a), simultaneously 
        with the report required under paragraph (1), the Interagency 
        Task Force shall publish a revised action plan that is 
        sufficient to achieve the targets.
    (c) Public Comment and Final Proposals.--
            (1) In general.--After a 30-day period for public comment 
        on the publications under subsection (a) and (b), the 
        Interagency Task Force shall, not later than 1 year after the 
        date of enactment of this Act, issue a final list of proposals 
        to meet the requirements of this section.
            (2) Additional legislative authority.--The proposals shall 
        include a request to Congress for any additional legislative 
        authority necessary to implement the proposals.
    (d) Baseline and Analysis Requirements.--In performing the analyses 
required for the action plan to achieve the oil savings described in 
subsection (a), the Secretary of Energy, the Secretary of 
Transportation, the Secretary of Defense, the Secretary of Agriculture, 
the Administrator of the Environmental Protection Agency, and the head 
of any other agency the President determines to be appropriate shall--
            (1) determine oil savings as the projected reduction in oil 
        consumption from the baseline established by the reference case 
        contained in the report of the Energy Information 
        Administration entitled ``Annual Energy Outlook 2008'';
            (2) determine the oil savings projections required on an 
        annual basis for each of calendar years 2009 through 2030; and
            (3) account for any overlap among implementation actions to 
        ensure that the projected oil savings from all the 
        implementation actions, taken together, are as accurate as 
        practicable.
    (e) Relationship to Other Laws.--Nothing in this section affects 
the authority provided or responsibility delegated under any other law.