Invest in Energy Independence Act

Bill: 110-hr-6067
Sponsor: Rep. Lampson, Nick [D-TX-22]
Introduced: 2008-05-15 in the House
Policy area: Energy
Subjects: Air pollution control
Alternative energy sources
Armed Forces and National Security
Carbon dioxide
Climate change and greenhouse gases
Commerce
Congress
Congressional reporting requirements
Economics and Public Finance
Electric batteries
Electric power distribution
Electric vehicles
Energy conservation
Energy efficiency
Energy research
Energy storage
Environmental Protection
Environmental research
Geothermal resources
Government Operations and Politics
Government procurement
Government trust funds
Housing and Community Development
Hydrogen
Industrial pollution
Low-income housing
Marine and coastal resources, fisheries
Motor vehicles
Natural gas
Ocean energy resources
Petroleum
Petroleum reserves
Public Lands and Natural Resources
Research and development
Residential rehabilitation
Science, Technology, Communications
Social Welfare
Solar energy
Strategic materials
Transportation and Public Works
Transportation research
Wind power

Summary:
action_date: 2008-05-15
text: 
Invest in Energy Independence Act - Instructs the Secretary of Energy to publish a plan to: (1) exchange light grade petroleum from the Strategic Petroleum Reserve (SPR) for an equivalent volume of heavy grade petroleum plus certain cash bonus bids received that reflect the difference in the market value between light grade and heavy grade petroleum and the timing of deliveries of the heavy grade petroleum; (2) deposit into the SPR Petroleum Account, from the gross proceeds of the cash bonus bids, the amount necessary to pay for the costs of the exchange; (3) deposit 90% of the remaining net proceeds from the exchange into the Energy Independence and Security Fund established by this Act; and (4) deposit the remaining balance into the SPR Petroleum Account to acquire additional petroleum for the SPR.
 
Directs the Secretary to study and report to Congress on the potential for additional exchanges from the SPR.
 
Establishes in the Treasury the Energy Independence and Security Fund.
 
Instructs the Secretary to distribute amounts from the Fund to specified energy activities, including: (1) energy research of the Advanced Research Projects Agency; (2) wind and solar energy research and development; (3) low-income weatherization; (4) advanced vehicles research, development, demonstration; and (5) smart grid technology research and development.


Legislative actions:
action_date: 2008-06-03
text: Referred to the Subcommittee on Energy and Environment.
action_date: 2008-05-16
text: Referred to the Subcommittee on Energy and Air Quality.
action_date: 2008-05-15
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: 2008-05-15
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: 2008-05-15
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: 2008-05-15
text: Introduced in House
action_date: 2008-05-15
text: Introduced in House