Invest in Energy Independence Act

To amend the Energy Policy and Conservation Act to help reduce the oil prices to consumers, to reduce the cost of petroleum acquisition for the Strategic Petroleum Reserve, to better match the composition of the Strategic Petroleum Reserve to refinery requirements in the United States, to fund energy research and development, and for other purposes.

5/15/2008--Introduced.
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.


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Sponsor

• Rep. Nicholas Lampson [D, TX-22]
• and 31 Co-Sponsors
  • Rep. Roscoe Bartlett [R, MD-6]
  • Rep. Sanford Bishop [D, GA-2]
  • Rep. Leonard Boswell [D, IA-3]
  • Rep. Nancy Boyda [D, KS-2]
  • Rep. Ben Chandler [D, KY-6]
  • Rep. Robert Cramer [D, AL-5]
  • Rep. Joe Donnelly [D, IN-2]
  • Rep. Thomas Edwards [D, TX-17]
  • Rep. Gabrielle Giffords [D, AZ-8]
  • Rep. Raymond Green [D, TX-29]
  • Rep. John Hall [D, NY-19]
  • Rep. Stephanie Herseth Sandlin [D, SD-0]
  • Rep. Baron Hill [D, IN-9]
  • Rep. Rubén Hinojosa [D, TX-15]
  • Rep. Bob Inglis [R, SC-4]
  • Rep. Jay Inslee [D, WA-1]
  • Rep. Steve Israel [D, NY-2]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Steve Kagen [D, WI-8]
  • Rep. Ronald Kind [D, WI-3]
  • Rep. Rick Larsen [D, WA-2]
  • Rep. Edward Markey [D, MA-7]
  • Rep. Michael Michaud [D, ME-2]
  • Rep. Dennis Moore [D, KS-3]
  • Rep. Patrick Murphy [D, PA-8]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. Mike Ross [D, AR-4]
  • Rep. Christopher Shays [R, CT-4]
  • Rep. Zackary Space [D, OH-18]
  • Rep. Peter Welch [D, VT-0]
  • Rep. Charles Wilson [D, OH-6]
  close

Committees

• House Energy and Commerce
• 3 more
  • House Energy and Commerce
  • House Science and Technology
  • House Science and Technology
  close

Amendments

This bill has no amendments.

Amendments to H.R.6067

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
May 15, 2008

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All Bill Actions

• Jun 03, 2008: Referred to the Subcommittee on Energy and Environment.
• May 16, 2008: Referred to the Subcommittee on Energy and Air Quality.
• May 15, 2008: Referred to House Science and Technology
• May 15, 2008: Referred to House Energy and Commerce
• May 15, 2008: 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.
• Introduced on May 15, 2008.

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Blog Coverage

August 14, 2008 Norma lee

... broadly supported nib. as a core member of the abercrombie-peterson energy working group, lampson helped write key measures and lobbied for additional r & d funding to be included in the legislation. the team adopted hr 6067, ...

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Source: Way of Slave

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August 13, 2008 DCCC Release New Olson Ad

The group adopted HR 6067, the Invest in Energy Independence Act, introduced by Lampson in May, as a major component of HR 6709. The Abercrombie-Peterson bill, introduced with 47 original co-sponsors, including Lampson, ...

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Source: Burnt Orange Report

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May 14, 2008 HR 6067, The Invest in Energy Independence Act

HR 6067 would amend the Energy Policy and Conservation Act to help reduce the oil prices to consumers, to reduce the cost of petroleum acquisition for the Strategic Petroleum Reserve, to better match the composition of the Strategic ...

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Source: washingtonwatch.com - Welcome to washingtonwatc...

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