Consumer-First Energy Act of 2008

A bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes.

5/7/2008--Introduced.
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.


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Sponsor

• Sen. Harry Reid [D, NV]
• and 24 Co-Sponsors
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Benjamin Cardin [D, MD]
  • Sen. Kent Conrad [D, ND]
  • Sen. Christopher Dodd [D, CT]
  • Sen. Richard Durbin [D, IL]
  • Sen. Dianne Feinstein [D, CA]
  • Sen. Daniel Inouye [D, HI]
  • Sen. Tim Johnson [D, SD]
  • Sen. Edward Kennedy [D, MA]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Herbert Kohl [D, WI]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Patrick Leahy [D, VT]
  • Sen. Carl Levin [D, MI]
  • Sen. Claire McCaskill [D, MO]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Patty Murray [D, WA]
  • Sen. John Reed [D, RI]
  • Sen. Bernard Sanders [I, VT]
  • Sen. Charles Schumer [D, NY]
  • Sen. Debbie Ann Stabenow [D, MI]
  • Sen. Sheldon Whitehouse [D, RI]
  • Sen. Ron Wyden [D, OR]
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Amendments

This bill has no amendments.

Amendments to S.2991

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 07, 2008

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All Bill Actions

• May 12, 2008: Sponsor introductory remarks on measure. (CR S3988-3989)
• Added to calendar on May 08, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 728..
• May 07, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
• Introduced on May 07, 2008.
• May 07, 2008: Introduced in the Senate, read the first time.

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Related Bills:

• H.R.6022
• S.3044
• H.R.6653

Related Issue Areas:

• Trade
• Telephone
• Telecommunication
• Taxation of foreign income
• 57 more
• Tax deductions
• Tax credits
• Strategic materials
• Restrictive trade practices
• Public contracts
• Profit
• Price fixing
• Petroleum reserves
• Petroleum refineries
• Petroleum industry
• Parties to actions
• Oil and gas royalties
• Natural gas
• Margins (Security trading)
• Losses
• Law
• Iraq compilation
• International affairs
• Income tax
• Greenhouse gases
• Governmental investigations
• Government trust funds
• Government publicity
• Government procurement
• Government liability (International law)
• Government information
• Gasoline
• Futures trading
• Foreign tax credit
• Foreign policy
• Fines (Penalties)
• Finance
• Excess profits tax
• Environmental protection
• Energy supplies
• Energy security
• Energy prices
• Emergency management
• Disaster relief
• Derivative securities
• Defense economics
• Criminal justice
• Congressional reporting requirements
• Congressional oversight
• Congress
• Climate change
• Cartels
• Business
• Budgets
• Biomass energy
• Armed forces
• Antitrust law
• Alternative energy sources
• Alcohol as fuel
• Air pollution
• Actions and defenses
• Energy

Data from the Congressional Research Service

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In the News

September 16, 2008 Sierra Club: Hurricane Ike Stokes Gas Price Gouging Fears

...from price gouging, crack down on speculators, repeal billions in government giveaways to Big Oil, and invest in renewable energy (S.2991, Consumer-First Act). * John McCain's campaign is full of more than two-dozen Big Oil lobbyists, chief among the

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May 08, 2008 ENERGY UPDATE: Will Congress Crack Down or Increase Supply?

The Senate will vote on the bill, S. 2991, on Monday, May 12. The Democrats’ propose to roll back $17 billion in tax breaks for oil companies and direct the ...

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Blog Coverage

August 03, 2008 Big Oil

S. 2991. To provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. IN THE SENATE OF THE UNITED STATES. May 7, 2008 ...

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Source: Truth to Power

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August 03, 2008 Big Oil

S. 2991: Consumer-First Energy Act of 2008. May 8, 2008: This bill was considered in committee which has recommended it be considered by the Senate as a whole. Although it has been placed on a calendar of business, the order in which ...

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June 16, 2008 TRACKING AREA GAS PRICES: JUNE, 2008

Perhaps it will help if people read about S.2991 bill and write our senators and congressman encouraging them to help get it passed. It certainly doesn’t do any good for angry senators to “bawl out” the big oil companies, ...

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Source: Cedar Creek Voice

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