Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Invest in Energy Security Act''.

SEC. 2. STRATEGIC PETROLEUM RESERVE.

(a) Petroleum Acquisition for the Strategic Petroleum Reserve.--
Section 301(e)(1) of the Energy Policy Act of 2005 (42 U.S.C. 6240
note) is amended to read as follows:
''(1) In general.--The Secretary shall, as expeditiously as
practical, without incurring excessive cost or appreciably
affecting the price of petroleum products to consumers, acquire
petroleum in quantities sufficient to fill the available
capacity of the Strategic Petroleum Reserve, subject to the
following limitations:
''(A) Suspension of royalty-in-kind transfers to
the strategic petroleum reserve.--No later than
September 30, 2008, the Secretary shall sell 13,000,000
barrels of petroleum received under the royalty-in-kind
program. Beginning October 1, 2008, the Secretary shall
suspend acquisition of petroleum for the Strategic
Petroleum Reserve under the Royalty-In-Kind program,
subject to resumption as provided in subparagraph (B).
''(B) Resumption of petroleum acquisition for the
strategic petroleum reserve.--The Secretary may resume
acquisition of petroleum for the Strategic Petroleum
Reserve 30 days after notification to Congress that--
''(i)(I) the Secretary projects that the
United States will fall short of its
commitments under the International Energy
Program within a period of 24 months from the
date of the projection; or
''(II) the weighted average price of
petroleum for the most recent 90 day period is
at least 25 percent less than the 24-month
historical average price; and
''(ii) that resumption of Strategic
Petroleum Reserve fill will not have an
appreciable effect on the price of petroleum
products to consumers within the following 12-
month period after the resumption of
acquisition.
''(C) Future suspension of strategic petroleum
reserve petroleum acquisition.--During any period in
which the Secretary is acquiring petroleum for the
Strategic Petroleum Reserve, the Secretary shall
suspend acquisition activities if--
''(i) the monthly weighted average price of
petroleum increases by more than 20 percent
over any period of 6 months or less; or
''(ii) the Secretary determines that
continued Strategic Petroleum Reserve fill may
have an appreciable impact on prices of
petroleum products in future months.''.
(b) Revised Procedures.--No later than 60 days after the date of
the enactment of this section, the Secretary shall publish revised
procedures under section 301(e)(2) of the Energy Policy Act of 2005
consistent with the provisions contained in the amendment made by
subsection (a).

SEC. 3. ENERGY INDEPENDENCE AND SECURITY FUND.

(a) Establishment.--There is hereby established in the Treasury of
the United States the ''Energy Independence and Security Fund''
(hereinafter in this section referred to as ''the Fund'').
(b) Administration.--The Secretary of Energy shall be responsible
for administering the Fund for the purpose of carrying out this
section.
(c) Deposits.--All proceeds from sales of petroleum from the
Strategic Petroleum Reserve, as authorized in section 301(e)(1) of the
Energy Policy Act of 2005 (as amended by section 2 of this Act), after
deduction of the direct administrative costs associated with such
sales, shall be deposited in the Fund.
(d) Distribution of Funds.--The Secretary shall make available for
obligation, without further appropriation and without fiscal year
limitation, the following amounts from the Fund:
(1) Advanced research projects agency--energy.--For fiscal
year 2008, the Secretary shall transfer $100,000,000 to the
''Energy Transformation Acceleration Fund'', as authorized in
section 5012(m) of the America COMPETES Act (42 U.S.C.
16538(m)), to remain available until expended. Of the funds
transferred, the Secretary shall further allocate the amounts
made available for obligation as follows:
(A) $50,000,000 shall be available for university-
based research projects.
(B) $10,000,000 shall be available for program
direction expenses.
(2) Rural wind energy.--For fiscal year 2008, the Secretary
shall transfer $15,000,000 to the account ''Energy Efficiency
and Renewable Energy'', to remain available until expended, for
necessary expenses for a program to support the development of
infrastructure necessary for deployment of wind energy systems
in rural areas, as authorized in section 931(f)(1) of the
Energy Policy Act of 2005 (42 U.S.C. 16231(f)(1)).
(3) Solar energy research and development.--For fiscal year
2008, the Secretary shall transfer $30,000,000 to the account
''Energy Efficiency and Renewable Energy'', to remain available
until expended, for necessary expenses for a program to
accelerate the research, development, demonstration, and
deployment of solar energy technologies, as authorized by
section 931(a)(2)(A) of the Energy Policy Act of 2005 (42
U.S.C. 16231(a)(2)(A)).
(4) Low income weatherization.--For fiscal year 2008, the
Secretary shall transfer $100,000,000 to the account
''Weatherization Assistance Program'', to remain available
until expended, for necessary expenses for a program to
weatherize low income housing, as authorized by section 411 of
the Energy Independence and Security Act of 2007 (Public Law
110-140).
(5) Marine and hydrokinetic renewable electric energy.--For
fiscal year 2008, the Secretary shall transfer $30,000,000 to
the account ''Energy Efficiency and Renewable Energy'', to
remain available until expended, for necessary expenses for a
program to accelerate the research, development, demonstration,
and deployment of ocean and wave energy, including hydrokinetic
renewable energy, as authorized by section 931 of the Energy
Policy Act of 2005 (42 U.S.C. 16231) and section 636 of the
Energy Independence and Security Act of 2007 (Public Law 110-
140).
(6) Industrial energy efficiency research and
development.--For fiscal year 2008, the Secretary shall
transfer $110,000,000 to the account ''Energy Efficiency and
Renewable Energy'', to remain available until expended, for
necessary expenses for a program to accelerate the research,
development, demonstration, and deployment of new technologies
to improve the energy efficiency and reduce greenhouse gas
emissions from industrial processes, as authorized in section
911(a)(2)(C) of the Energy Policy Act of 2005 (42 U.S.C.
16191(a)(2)(C)) and in section 452 of the Energy Independence
and Security Act of 2007 (Public Law 110-140).
(7) Building energy efficiency research and development.--
For fiscal year 2008, the Secretary shall transfer $70,000,000
to the account ''Energy Efficiency and Renewable Energy'', to
remain available until expended, for necessary expenses for a
program to accelerate the research, development, demonstration,
and deployment of new technologies to improve the energy
efficiency and reduce greenhouse gas emissions from buildings,
as authorized in section 422 of the Energy Independence and
Security Act of 2007 (Public Law 110-140).
(8) Energy storage for transportation and electric power
applications.--For fiscal year 2008, the Secretary shall
transfer $30,000,000 to the account ''Energy Efficiency and
Renewable Energy'', to remain available until expended, for
necessary expenses for a program to accelerate the research,
development, demonstration, and deployment of new materials for
improving the energy efficiency of transportation, electric
power and other technologies, as authorized by section 641 of
the Energy Independence and Security Act of 2007 (Public Law
110-140).
(9) Geothermal energy development.--(A) For fiscal year
2008, the Secretary shall transfer $30,000,000 to the account
''Energy Efficiency and Renewable Energy'', to remain available
until expended, for necessary expenses for a program for
geothermal research and development activities to be managed by
the National Renewable Energy Laboratory, as authorized by
section 931(a)(2)(C) of the Energy Policy Act of 2005 (42
U.S.C. 16231(a)(2)(C)); and
(B) For fiscal year 2008, the Secretary shall transfer
$30,000,000 to the account ''Fossil Energy Research and
Development'', to remain available until expended, for
necessary expenses for a program of advanced geothermal
drilling and resource characterization to be managed by the
National Energy Technology Laboratory.
(10) Carbon capture and storage.--For fiscal year 2008, the
Secretary shall transfer $385,000,000 to the account ''Fossil
Energy Research and Development'', to remain available until
expended, for necessary expenses for a program of demonstration
projects of carbon capture and storage, as authorized by
sections 702 and 703 of the Energy Independence and Security
Act of 2007 (Public Law 110-140). Notwithstanding any other
provision of law, one of the demonstration projects shall be a
component of the FutureGen project.
(11) Nonconventional domestic natural gas and petroleum
production and environmental research.--
(A) For fiscal year 2008, the Secretary shall
transfer $50,000,000 to the ''Ultra-Deepwater and
Unconventional Natural Gas and Other Petroleum Research
Fund'', to remain available until expended, as
authorized by section 999H(e) of the Energy Policy Act
of 2005 (42 U.S.C. 16378(e)).
(B) For fiscal year 2008, the Secretary shall
transfer $15,000,000 to the account ''Fossil Energy
Research and Development'', to remain available until
expended, for necessary expenses for a program of
environmental research in support of small producers of
domestic petroleum and natural gas, for regulatory
analysis and for support for the stripper well
consortium.
(12) Hydrogen research and development.--For fiscal year
2008, the Secretary shall transfer $5,000,000 to the account
''Energy Efficiency and Renewable Energy'', to remain available
until expended, for necessary expenses for the Department's H-
Prize Program, as authorized by section 654 of the Energy
Independence and Security Act of 2007 (Public Law 110-140).
(e) Amendments.--(1) Section 999F of the Energy Policy Act of 2005
(42 U.S.C. 16376) is amended by striking ''2014'' and inserting
''2017''.
(2) Section 999B(e) of that Act (42 U.S.C.16372(e)) is amended by
striking paragraph (3) and inserting the following:
''(3) Publication.--The Secretary shall publish in the
Federal Register the annual plan, along with any written
comments received under paragraph (2)(A) and (B).''.
(3) Section 999H(b) of that Act (42 U.S.C.16378(b)) is amended by
inserting '', and shall be exempt from subchapter II of chapter 15 of
title 31, United States Code'' after ''available until expended''.
(f) Transfer Procedures.--The Secretary shall make an initial
transfer from the Fund no later than 30 days after the initial deposit
of monies into the Fund. The Secretary shall make additional transfers
no later than 30 days after subsequent deposits, until the full amounts
authorized for fiscal 2008 have been transferred. To the extent that
any transfer in fiscal 2008 is less than the authorized total, the
transfers shall be made on a pro rata basis.
(g) Management and Oversight.--
(1) Additionality of fiscal year 2008 transfers.--All
amounts transferred under subsection (d)(1) shall be in
addition to, and shall not be substituted for, any funds
appropriated for the same or similar purposes in the
Consolidated Appropriations Act, 2008.
(2) Program plans and performance measures.--The Secretary
shall prepare and publish in the Federal Register a plan for
the proposed use of all funds authorized in subsection (d). The
plan also shall identify how the use of these funds will be
additive to, and not displace annual appropriations. The plans
also shall identify performance measures to assess the
additional benefits that may be realized from the application
of the additional funding provided under this section. The
initial plan shall be published in the Federal Register within
90 days from enactment of this section, and shall be updated
annually and submitted to Congress together with the
President's budget.
(3) Congressional oversight and review.--Nothing in this
section shall limit or restrict the review and oversight of
program plans by the appropriate committees of Congress.
Nothing in this section shall limit or restrict the authority
of Congress to set alternative spending limitations in annual
appropriations Acts.
(4) Apportionment.--All transactions of the Fund shall be
exempt from apportionment under the provisions of subchapter II
of chapter 15 of title 31, United States Code.
(5) Use of other transactions authority.--(A) Any
solicitation for research, development, or demonstration
project proposals to be funded under this section shall provide
for and encourage the use of Other Transactions Authority,
including Technology Investment Agreements as authorized by
section 646(g) of the Department of Energy Organization Act (42
U.S.C. 7256) and Part 603 of the Department of Energy
Acquisition Regulation.
(B) Any solicitation for a commercial demonstration project
under this section shall require the use of Other Transactions
Authority, including Technology Investment Agreements, as
authorized by section 646(g) of the Department of Energy
Organization Act (42 U.S.C. 7256) and Part 603 of the
Department of Energy Acquisition Regulation.
Solution:
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.