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.
• Introduced on May 07, 2008.
• May 07, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

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Related Bills:

• H.R.6022
• S.3044
• H.R.6653

Related Issue Areas:

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

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

December 13, 2008 In The Trenches: Can You Say “Stick It To The Common Man”?

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 ...

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August 04, 2008 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. It’s listed by the Library of Congress as both S. 2991 and S. 3044. These two versions of the bill ...

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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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Source: Truth to Power

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