Gas Price Reduction Act of 2008

A bill to address record high gas prices at the pump, and for other purposes.

6/26/2008--Introduced.
Gas Price Reduction Act of 2008 - Amends the Outer Continental Shelf Lands Act (OCSLA) to prescribe procedures for petition, by the governor of a state with a new producing area within the offshore administrative boundaries beyond the state's submerged land, to make the new producing area available for oil and gas leasing. Directs the Secretary of the Treasury to deposit specified percentages of outer Continental Shelf revenues into:
(1) the general fund of the Treasury; and
(2) into a special account in the Treasury for disbursal to both new producing states and to the Land and Water Conservation Fund. Amends the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008, to repeal the prohibition against funding:
(1) regulations regarding a commercial leasing program for oil shale resources on public lands; or
(2) an oil shale lease sale. Instructs the Secretary of Energy to:
(1) expand and accelerate research and development efforts for advanced batteries; and
(2) implement a direct loan program for up to 30% of the costs of advanced battery production. Expresses the sense of the Senate that the federal government should implement policies to increase federal purchases of plug-in electric drive vehicles. Directs the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission (SEC), and the Chairman of the Commodity Futures Trading Commission (CFTC) to study jointly and report to Congress on the international regime for regulating trading in energy commodity futures and derivatives. Amends the Commodity Exchange Act to prohibit the CFTC from permitting a foreign board of trade to provide to participants subject to CFTC jurisdiction direct access to electronic trading and order matching unless specified requirements are met. Directs the CFTC to:
(1) promulgate rules for routine reporting requirements for index traders and swap dealers in energy and agricultural transactions; and
(2) disaggregate and make public monthly information on the positions and value of index funds and other passive, long-only positions in the energy and agricultural futures markets.
Instructs the CFTC to report to certain congressional committees on:
(1) the scope of commodity index trading in the futures markets;
(2) whether classification of index traders and swap dealers in the futures markets can be improved for regulatory and reporting purposes; and
(3) whether index trading activity is adversely impacting the price discovery process in the futures markets and whether different practices and controls should be required. Instructs the CFTC to hire additional employees.

... morehide bill summary

Sponsor

• Sen. Mitch McConnell [R, KY]
• and 43 Co-Sponsors
  • 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]
  • Norm Coleman
  • 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. Lindsey Graham [R, SC]
  • Sen. Charles Grassley [R, IA]
  • Sen. Judd Gregg [R, NH]
  • 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. Lisa Murkowski [R, AK]
  • Sen. Pat Roberts [R, KS]
  • Sen. Jefferson Sessions [R, AL]
  • Sen. Richard Shelby [R, AL]
  • Sen. Arlen Specter [D, PA]
  • Ted Stevens
  • John Sununu
  • Sen. John Thune [R, SD]
  • Sen. David Vitter [R, LA]
  • Sen. George Voinovich [R, OH]
  • John Warner
  • Sen. Roger Wicker [R, MS]
  close

Amendments

This bill has no amendments.

Amendments to S.3202

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 26, 2008

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All Bill Actions

• Added to calendar on Jun 27, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 854..
• Introduced on Jun 26, 2008.
• Jun 26, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

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Related Issue Areas:

• Energy
• Administrative procedure
• Agriculture
• Appropriations
• 41 more
• Budgets
• Commodity Futures Trading Commission
• Commodity exchanges
• Congress
• Congressional reporting requirements
• Continental shelf
• Department of the Interior
• Derivative securities
• Electric batteries
• Electric vehicles
• Energy prices
• Energy research
• Executive departments
• Federal employees
• Finance
• Futures trading
• Gas in submerged lands
• Government employees
• Government information
• Government procurement
• Government publicity
• Government trust funds
• Government vehicles
• Governmental investigations
• Independent regulatory commissions
• Law
• Marine resources
• Natural resources
• Oil and gas leases
• Oil shales
• Oil well drilling
• Open space lands
• Petroleum in submerged lands
• Public contracts
• Recruiting of employees
• Research and development
• Science policy
• Swaps (Finance)
• Transportation
• Water conservation
• Water resources

Data from the Congressional Research Service

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Blog Coverage

December 21, 2008 Price of gas hits lowest point in nearly 5 years - BizChuck

Forty-four Republican Senators support S. 3202, the Gas Price Reduction Act, to find more American energy and use less. The bill's balanced approach is designed to attract bipartisan support. To find ... 20-06-2008 China raises prices ...

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Source: Business news & stories - BizChuck

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October 05, 2008 ARGE-Freiburg.de: Herbert Masslau,,Alg II -- BGH verbessert ...

I, 2005, Nr. 72, S. 3202 ff.]):. /"(1) Werden wiederkehrende Einkünfte der in den §§ 850 bis 850b bezeichneten Art auf das Konto des Schuldners bei einem Geldinstitut überwiesen, so ist eine Pfändung des Guthabens auf Antrag des ...

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Source: Arbeitsgemeinschaft zu den Hartz IV-Gesetzen...

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October 04, 2008 P-Konto - Pfändungsschutz für Schuldner

I S. 3202, 2006 I S. 431), zuletzt geändert durch …, wird wie folgt geändert:. 1. Die Inhaltsübersicht wird wie folgt geändert: a) Nach der Angabe zu § 833 wird folgende Angabe eingefügt: „§ 833a Pfändungsumfang bei der Pf

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