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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2984 Introduced in Senate (IS)]

109th CONGRESS
  2d Session
                                S. 2984

  To require certain profitable oil companies to expend 1 percent of 
   recent quarterly profits to install E-85 fuel pumps in the United 
                                States.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 23, 2006

   Mr. Obama introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL

 
  To require certain profitable oil companies to expend 1 percent of 
   recent quarterly profits to install E-85 fuel pumps in the United 
                                States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Future Investment to Lessen Long-
term Use of Petroleum Act'' or the ``FILL UP Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) in May 2006, average gasoline prices in the United 
        States were 31 percent higher than such prices in May 2005;
            (2) the profits earned by oil companies are at an all-time 
        high, with the profits of the 5 largest American oil companies 
        reaching $28,000,000,000 during the first quarter of 2006, 50 
        percent higher than the profits of those companies during the 
        first quarter of 2004;
            (3) millions of Americans drive automobiles with flexible-
        fuel capability, which can run on E-85, a fuel blend consisting 
        of 85 percent ethanol and 15 percent petroleum-based gasoline;
            (4) there are only 616 stations in the United States that 
        dispense E-85 fuel, leaving the vast majority of Americans with 
        no choice but to purchase petroleum-based gasoline;
            (5) E-85 fuel produces less greenhouse gas emissions than 
        conventional gasoline;
            (6) increasing usage of E-85 fuel bolsters our Nation's 
        economic and national security, safeguarding the interests of 
        the American people; and
            (7) the approximate cost of installing a pump that 
        dispenses E-85 fuel is $60,000.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Company.--The term ``company'' has the meaning given 
        the term ``person'' in section 2 of the Hot Oil Act (15 U.S.C. 
        715a).
            (2) E-85 fuel.--The term ``E-85 fuel'' means a fuel mixture 
        containing at least 85 percent denatured ethanol, by volume, 
        combined with gasoline or other fuels.

SEC. 4. REINVESTMENT OF OIL COMPANY PROFITS.

    (a) Applicability.--Any company shall comply with the requirements 
under subsection (b) if the company--
            (1) produces, refines, distributes, or sells petroleum 
        products in the United States; and
            (2) reported at least $1,000,000,000 in net income, for all 
        domestic and international operations, on Form 10-Q filed with 
        the Securities and Exchange Commission for the first quarter of 
        2006.
    (b) Investment Requirement.--
            (1) In general.--Each company described in subsection (a) 
        shall expend not less than 1 percent of the total profits 
        reported by such company for the first quarter of 2006 to 
        install infrastructure to dispense E-85 fuel or other 
        alternative fuels, as determined by the Secretary, at gasoline 
        service stations located in the United States.
            (2) Plan submission.--Not later than 6 months after the 
        date of the enactment of this Act, each company described in 
        subsection (a) shall submit a plan to the Secretary of Energy 
        that describes the installation timetable and the anticipated 
        location of each E-85 fuel pump to be installed by the company 
        in compliance with this subsection.
            (3) Completion of installation.--Each company described in 
        subsection (a) shall complete the installation of fuel 
        dispensing infrastructure required under paragraph (1) not 
        later than 3 years after the date of the enactment of this Act.
    (c) Oversight.--
            (1) In general.--The Secretary of Energy shall ensure that 
        the companies described in subsection (a) comply with the 
        requirements under subsection (b).
            (2) Rulemaking.--The Secretary of Energy, in consultation 
        with the Secretary of Transportation, shall promulgate 
        regulations to carry out this Act.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act.
                                 <all>
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