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.

5/20/2008--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 23 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. 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. Robert Menéndez [D, NJ]
  • 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. Jim Webb [D, VA]
  • Sen. Sheldon Whitehouse [D, RI]
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Amendments

This bill has no amendments.

Amendments to S.3044

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 20, 2008

Latest Vote

June 10, 2008Roll call number 146 in the Senate
Question: On the Cloture Motion (Motion to Invoke Cloture on the Motion to Proceed to Consider S. 3044 )
Required percentage of 'Aye' votes: 3/5 (60%)	Percentage of 'aye' votes: 51%	Result: Cloture Motion Rejected

Democrats Voting 'Aye'

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Sen. Daniel Akaka [D, HI]
Sen. Max Baucus [D, MT]
Sen. Evan Bayh [D, IN]
Sen. Joseph Biden [D, DE]
Sen. Jeff Bingaman [D, NM]
Sen. Barbara Boxer [D, CA]
Sen. Sherrod Brown [D, OH]
Sen. Maria Cantwell [D, WA]
Sen. Benjamin Cardin [D, MD]
Sen. Thomas Carper [D, DE]
Sen. Robert Casey [D, PA]
Sen. Kent Conrad [D, ND]
Sen. Christopher Dodd [D, CT]
Sen. Byron Dorgan [D, ND]
Sen. Richard Durbin [D, IL]
Sen. Russell Feingold [D, WI]
Sen. Dianne Feinstein [D, CA]
Sen. Thomas Harkin [D, IA]
Sen. Daniel Inouye [D, HI]
Sen. Tim Johnson [D, SD]
Sen. John Kerry [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. Blanche Lincoln [D, AR]
Sen. Claire McCaskill [D, MO]
Sen. Robert Menéndez [D, NJ]
Sen. Barbara Mikulski [D, MD]
Sen. Patty Murray [D, WA]
Sen. Ben Nelson [D, NE]
Sen. Bill Nelson [D, FL]
Sen. Mark Pryor [D, AR]
Sen. John Reed [D, RI]
Sen. John Rockefeller [D, WV]
Sen. Ken Salazar [D, CO]
Sen. Charles Schumer [D, NY]
Sen. Debbie Ann Stabenow [D, MI]
Sen. Jon Tester [D, MT]
Sen. Jim Webb [D, VA]
Sen. Sheldon Whitehouse [D, RI]
Sen. Ron Wyden [D, OR]

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Republicans Voting 'Aye'

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Norm Coleman
Sen. Susan Collins [R, ME]
Sen. Charles Grassley [R, IA]
Gordon Smith
Sen. Olympia Snowe [R, ME]
John Warner

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Others Voting 'Aye'

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Sen. Joseph Lieberman [I, CT]
Sen. Bernard Sanders [I, VT]

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Democrats Voting 'Nay'

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Sen. Mary Landrieu [D, LA]
Sen. Harry Reid [D, NV]
Sen. Arlen Specter [D, PA]

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Republicans Voting 'Nay'

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Sen. Lamar Alexander [R, TN]
Wayne Allard
Sen. John Barrasso [R, WY]
Sen. Robert Bennett [R, UT]
Sen. Christopher Bond [R, MO]
Sen. Samuel Brownback [R, KS]
Sen. Jim Bunning [R, KY]
Sen. Richard Burr [R, NC]
Sen. Saxby Chambliss [R, GA]
Sen. Thomas Coburn [R, OK]
Sen. Thad Cochran [R, MS]
Sen. Bob Corker [R, TN]
Sen. John Cornyn [R, TX]
Larry Craig
Sen. Michael Crapo [R, ID]
Sen. Jim DeMint [R, SC]
Elizabeth Dole
Pete Domenici
Sen. John Ensign [R, NV]
Sen. Michael Enzi [R, WY]
Sen. Judd Gregg [R, NH]
Charles Hagel
Sen. Orrin Hatch [R, UT]
Sen. Kay Hutchison [R, TX]
Sen. James Inhofe [R, OK]
Sen. John Isakson [R, GA]
Sen. Jon Kyl [R, AZ]
Sen. Richard Lugar [R, IN]
Sen. Mel Martinez [R, FL]
Sen. Mitch McConnell [R, KY]
Sen. Lisa Murkowski [R, AK]
Sen. Pat Roberts [R, KS]
Sen. Jefferson Sessions [R, AL]
Sen. Richard Shelby [R, AL]
Ted Stevens
John Sununu
Sen. John Thune [R, SD]
Sen. David Vitter [R, LA]
Sen. George Voinovich [R, OH]
Sen. Roger Wicker [R, MS]

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Others Voting 'Nay'

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Democrats Voting 'Abstain'

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Sen. Robert Byrd [D, WV]
Sen. Hillary Clinton [D, NY]
Sen. Edward Kennedy [D, MA]
Barack Obama

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Republicans Voting 'Abstain'

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Sen. Lindsey Graham [R, SC]
Sen. John McCain [R, AZ]

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Others Voting 'Abstain'

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See Full Voting History (1 votes)Hide Voting History     Show All Actions (18 actions)Hide Actions

Voting History

Date	Chamber	Question	Aye	Nay	Result
June 10, 2008	Senate	S.3044 Consumer-First Energy Act of 2008 On the Cloture Motion (Motion to Invoke Cloture on the Motion to Proceed to Consider S. 3044 )	51	43	Cloture Motion Rejected	See Vote

All Bill Actions

• Jun 11, 2008: Motion to proceed to measure considered in Senate.
• Jun 10, 2008: Motion to proceed to consideration of measure made in Senate.
• Jun 10, 2008: Motion to proceed to consideration of measure withdrawn in Senate.
• Jun 10, 2008: Motion to proceed to measure considered in Senate.
• Jun 10, 2008: Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure [Record Vote Number 146] made in Senate.
• Unknown action
• Jun 09, 2008: Motion to proceed to measure considered in Senate.
• Jun 06, 2008: Cloture motion on the motion to proceed to the measure presented in Senate.
• Jun 06, 2008: Motion to proceed to consideration of measure made in Senate.
• Jun 06, 2008: Motion to proceed to consideration of measure withdrawn in Senate.
• Jun 05, 2008: Motion to proceed to measure considered in Senate.
• Jun 05, 2008: Motion to proceed to measure measure considered in Senate.
• Jun 04, 2008: Cloture motion on the motion to proceed to the measure presented in Senate.
• Jun 04, 2008: Motion to proceed to consideration of measure made in Senate.
• Jun 04, 2008: Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate.
• Added to calendar on May 21, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 743..
• May 20, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
• Introduced on May 20, 2008.

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Related Bills:

• S.2991
• H.R.6022
• H.R.6653

Related Issue Areas:

• Iraq compilation
• Energy
• Actions and defenses
• Air pollution
• 56 more
• Alcohol as fuel
• 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
• Law
• Losses
• Margins (Security trading)
• Natural gas
• Oil and gas royalties
• Parties to actions
• Petroleum industry
• 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

June 16, 2008 OPINION: Americans Need Relief From High Energy Costs

The Consumer-First Energy Act, S. 3044, which I co-sponsored, addresses the root causes of high gas prices by holding the big oil companies, speculators, ...

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Source: Southern Maryland Online, MD

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June 13, 2008 Crude ideas about crude oil

Exhibit A in the case against congressional Democrats as wise stewards of the energy economy is S. 3044, which failed to advance Tuesday after it got too ...

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Source: UI The Daily Iowan (subscription), IA

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June 13, 2008 Bursting the Oil Bubble

Unfortunately, the Senate failed to end debate on the Consumer-First Energy Act, S. 3044, which would have reined in speculators. ...

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Source: Center For American Progress, DC

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Blog Coverage

January 03, 2009 Senator Boxer’s [Biiiggg] Oil Response to California ...

I am proud to be an original co-sponsor of S.3044, the Consumer-First Energy Act of 2008. This important bill would impose a windfall profits tax on oil companies to discourage price gouging and to help consumers offset the high costs ...

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Source: lancelotes.com

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December 10, 2008 » Survey Shows World Opinion Strongly Supports Emissions ...

Time for a New Green Deal (100%); Climate Change Talks Conclude in Paris (93%); It's Official: EPA Throws Climate "Under the Bus" (93%); Senate Minority Blocks Renewable Energy Tax Incentives (H.R. 6040) and Bows to Big Oil (S.3044) ...

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Source: Global Warming is Real

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November 11, 2008 The Shifting Senate

Consider the voting on the "Consumer First Energy Bill of 2008", S.3044, which in addition to a 25% tax on "windfall" profits of the major integrated oil companies--over and above the taxes they already pay--would have allowed OPEC to .

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Source: Energy Outlook

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