Consumer-First Energy Act of 2008

Bill: 110-s-2991
Sponsor: Sen. Reid, Harry [D-NV]
Introduced: 2008-05-07 in the Senate
Policy area: Energy
Subjects: Alcohol as fuel
Alternative energy sources
Antitrust law
Armed Forces and National Security
Biomass energy
Cartels
Civil actions and liability
Climate change and greenhouse gases
Commerce
Congress
Congressional oversight
Congressional reporting requirements
Crime and Law Enforcement
Derivative securities
Disaster relief
Economics and Public Finance
Emergency Management
Energy prices
Energy security
Energy supplies
Environmental Protection
Excess profits tax
Finance and Financial Sector
Fines (Penalties)
Foreign Trade and International Finance
Foreign tax credit
Futures trading
Gasoline
Government Operations and Politics
Government liability (International law)
Government procurement
Government publicity
Government trust funds
Governmental investigations
Income tax
International Affairs
Iraq compilation
Law
Losses
Margins (Security trading)
Natural gas
Oil and gas royalties
Parties to actions
Petroleum industry
Petroleum refineries
Petroleum reserves
Price fixing
Profit
Restrictive trade practices
Science, Technology, Communications
Strategic materials
Tax credits
Tax deductions
Taxation of foreign income
Telephone

Summary:
action_date: 2008-05-07
text: 
Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. 

Petroleum Consumer Price Gouging Protection Act - Declares it unlawful for a supplier to sell crude oil, gasoline, petroleum distillates, or biofuel at an unconscionably excessive price in an area for which the President declares that an energy emergency exists. Grants the Federal Trade Commission (FTC) authority to enforce this Act.

Authorizes the President to declare a federal energy emergency if the well-being of U.S. citizens is at risk because of a shortage or imminent shortage of adequate supplies of crude oil, gasoline, petroleum distillates, or biofuel because of: (1) a disruption in the national distribution system; or (2) significant pricing anomalies in the national energy markets for such products.

Authorizes state attorneys general to bring civil actions to enforce this Act. Sets forth civil and criminal penalties for violations.

Directs the Secretaries of Energy and the Interior to suspend acquisition of petroleum for the Strategic Petroleum Reserve until December 31, 2008.

No Oil Producing and Exporting Cartels Act of 2008 or NOPEC - Amends the Sherman Act to make it illegal for any foreign state to act with another foreign state to: (1) limit the production or distribution of oil, natural gas, or any other petroleum product; (2) set or maintain prices for such products; or (3) otherwise take any action in restraint of trade for such products. Denies sovereign immunity or act of state doctrine protections for foreign states who engage in such such illegal conduct. 

Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to: (1) determine that foreign boards of trade subject to CFTC jurisdiction regulate and provide information on off-shore oil trading; and (2) set a substantial increase in margin levels for all oil futures trades, contracts, or transactions.


Legislative actions:
action_date: 2008-05-12
text: Sponsor introductory remarks on measure. (CR S3988-3989)
action_date: 2008-05-08
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 728.
action_date: 2008-05-07
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2008-05-07
text: Introduced in Senate