H.R.6067 - Invest in Energy Independence Act

To amend the Energy Policy and Conservation Act to help reduce the oil prices to consumers, to reduce the cost of petroleum acquisition for the Strategic Petroleum Reserve, to better match the composition of the Strategic Petroleum Reserve to refinery requirements in the United States, to fund energy research and development, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Invest in Energy Independence Act as introduced.
  • Official: To amend the Energy Policy and Conservation Act to help reduce the oil prices to consumers, to reduce the cost of petroleum acquisition for the Strategic Petroleum Reserve, to better match the composition of the Strategic Petroleum Reserve to refinery requirements in the United States, to fund energy research and development, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/15/08
 
 
 
 
 
 
 

Official Summary

Invest in Energy Independence Act - Instructs the Secretary of Energy to publish a plan to: (1) exchange light grade petroleum from the Strategic Petroleum Reserve (SPR) for an equivalent volume of heavy grade petroleum plus certain cash bonus bids received that reflect the difference in th

Official Summary

Invest in Energy Independence Act - Instructs the Secretary of Energy to publish a plan to:
(1) exchange light grade petroleum from the Strategic Petroleum Reserve (SPR) for an equivalent volume of heavy grade petroleum plus certain cash bonus bids received that reflect the difference in the market value between light grade and heavy grade petroleum and the timing of deliveries of the heavy grade petroleum;
(2) deposit into the SPR Petroleum Account, from the gross proceeds of the cash bonus bids, the amount necessary to pay for the costs of the exchange;
(3) deposit 90% of the remaining net proceeds from the exchange into the Energy Independence and Security Fund established by this Act; and
(4) deposit the remaining balance into the SPR Petroleum Account to acquire additional petroleum for the SPR. Directs the Secretary to study and report to Congress on the potential for additional exchanges from the SPR. Establishes in the Treasury the Energy Independence and Security Fund. Instructs the Secretary to distribute amounts from the Fund to specified energy activities, including:
(1) energy research of the Advanced Research Projects Agency;
(2) wind and solar energy research and development;
(3) low-income weatherization;
(4) advanced vehicles research, development, demonstration; and
(5) smart grid technology research and development.

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