Invest in Energy Security Act

Bill: 110-hr-5146
Sponsor: Rep. Lampson, Nick [D-TX-22]
Introduced: 2008-01-28 in the House
Policy area: Energy
Subjects: Alternative energy sources
Awards, medals, prizes
Carbon dioxide
Climate change and greenhouse gases
Commerce
Commercialization
Congress
Congressional oversight
Congressional reporting requirements
Economics and Public Finance
Education
Energy conservation
Energy efficiency
Energy research
Environmental Protection
Environmental research
Federal aid to air pollution control
Federal aid to education
Federal aid to research
Fuel consumption
Gas in submerged lands
Gasoline
Geothermal resources
Government trust funds
Higher education
Housing and Community Development
Hydrogen
Industrial pollution
Low-income housing
Marine and coastal resources, fisheries
Natural gas
Ocean energy resources
Petroleum
Petroleum in submerged lands
Petroleum reserves
Research and development
Residential rehabilitation
Science, Technology, Communications
Small business
Social Welfare
Solar energy
Strategic materials
Technological innovations
Transportation and Public Works
Wind power

Summary:
action_date: 2008-01-28
text: 
Invest in Energy Security Act - Amends the Energy Policy Act of 2005 governing petroleum acquisition for the Strategic Petroleum Reserve (SPR) to direct the Secretary of Energy to: (1) sell specified quantities of petroleum received under the royalty-in-kind program; and (2) suspend petroleum acquisition for the SPR under such program.
 
Authorizes the Secretary to resume such acquisition upon notifying Congress that specified circumstances exist, and to suspend acquisition again if certain other circumstances arise.
 

 
Establishes the Energy Independence and Security Fund to receive all proceeds from sales of SPR petroleum. 
 
Allocates amounts from such Fund for: (1) the Energy Transformation Acceleration Fund for university-based research projects and program direction expenses; (2) Energy Efficiency and Renewable Energy account for rural wind energy systems; (3) solar energy technologies; (4) weatherization assistance for low-income housing; (5) ocean and wave energy, including hydrokinetic renewable energy; (6) technologies to improve the energy efficiency and reduce greenhouse gas emissions from industrial processes and from buildings; (7) improvements to the energy efficiency of transportation and electric power; (8) geothermal research and development managed by the National Renewable Energy Laboratory; (9) advanced geothermal drilling and resource characterization managed by National Energy Technology Laboratory; (10) carbon capture and storage; (11) Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Research Fund; (12) environmental research in support of small producers of domestic petroleum and natural gas, for regulatory analysis and for support for the stripper well consortium; and (13) the H-Prize Program of the Department of Energy.


Legislative actions:
action_date: 2008-01-28
text: Referred to the Committee on Energy and Commerce, and in addition to the Committee on Science and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Referred to the Committee on Energy and Commerce, and in addition to the Committee on Science and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Referred to the Committee on Energy and Commerce, and in addition to the Committee on Science and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-01-28
text: Introduced in House
action_date: 2008-01-28
text: Introduced in House