U.S. Congress - S.2991 Consumer-First Energy Act of 2008
S.2991 - 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. view all titles (6)
All Bill Titles
- Official: 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. as introduced.
- Popular: Consumer-First Energy Act of 2008 as introduced.
- Short: Consumer-First Energy Act of 2008 as introduced.
- Short: No Oil Producing and Exporting Cartels Act of 2008 as introduced.
- Short: NOPEC as introduced.
- Short: Petroleum Consumer Price Gouging Protection Act as introduced.
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Official Summary
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 primaOfficial Summary
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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Recent News Coverage
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
ENERGY UPDATE: Will Congress Crack Down or Increase Supply?
The Senate will vote on the bill, S. 2991, on Monday, May 12. The Democratsâ propose to roll back $17 billion in tax breaks for oil companies and direct the ...
Recent Blog Coverage
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S.2991: Government Accountability Office Improvement Act of 2010 ...
http://www.cbo.gov/doc.cfm?index=11772; S. 2991, Government Accountability Office Improvement Act of 2010. Cost estimate for the bill as ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 28, ... Source: Positive
In The Trenches: Can You Say âStick It To The Common Manâ?
Consider Senate bill S.2991; currently it is on the list of things the Senate wants to discuss. From the standpoint of being able to afford food, going to the doctor, and getting to work this a a bad bill. While it is upfront in what it ...
Irregular Times: News » Neither McCain Nor Obama Support ...
One strong alternative piece of legislation that does not legalize the expansion of offshore drilling is the Consumers First Energy Act. Itâs listed by the Library of Congress as both S. 2991 and S. 3044. These two versions of the bill ...
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