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<p><span class="fck_mw_template">{{Energy and Environment Policy (U.S.)|congress=110|bill=s3044}}</span> </p><p>The <b>Consumer-First Energy Act of 2008</b> is proposed legislation that would repeal subsidies for the oil and gas industry while instituting a "windfall profits" tax on major gasoline producing companies. An earlier aspect of the plan, forcing President Bush to halt deposits to the <a _fcknotitle="true" href="Strategic Petroleum Reserve">Strategic Petroleum Reserve</a>, was removed from the legislation and adopted by the Senate in May 2008. <ref>Coral Davenport, <a href="http://www.cqpolitics.com/wmspage.cfm?docID=news-000002837596">"House, Senate Vote to Require Suspending Oil Deposits to Strategic Reserve ,"</a> <i>CQ Politics</i>, May 13, 2008.</ref> </p><p><usbillinfo congress="110" bill="S.3044" /> </p><p><span class="fck_mw_template">{{Article summary|fckLRfckLRThe proposed legislation would: fckLRfckLR*Repeal $17 billion in tax incentives for oil and gas companies at a rate of 25 percent fckLR*Create a windfall-profits tax for the top five major oil-and-gas companies; fckLR*Make price-gouging for gasoline a federal crime. fckLR*Require the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through 2008 &lt;ref name=&quot;pressrelease&quot;&gt;[http://dpc.senate.gov/dpc-new.cfm?doc_name=lb-110-2-78 &quot;S. 2991, The Consumer-First Energy Act of 2008&quot;], ''Democratic Policy Committee'', May 7, 2008&lt;/ref&gt; fckLR*Limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets&lt;ref name=&quot;pressrelease&quot;&gt;[http://dpc.senate.gov/dpc-new.cfm?doc_name=lb-110-2-78 &quot;S. 2991, The Consumer-First Energy Act of 2008&quot;], ''Democratic Policy Committee'', May 7, 2008&lt;/ref&gt; }}</span> </p> <h2> Action on the bill </h2> <p>The bill fell short of cloture by a vote of 51-43 on June 10, 2008. <ref><a href="http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&amp;amp;amp;amp;session=2&amp;amp;amp;amp;vote=00146">U.S. Senate Roll Call Votes 110th Congress - 2nd Session</a> </ref> </p><p><usvoteinfo year="2008" chamber="senate" rollcall="146" /> </p><p><br /> </p> <h2> Articles and resources </h2> <h3> See also </h3> <ul><li><a _fcknotitle="true" href="Renewable Energy and Energy Conservation Tax Act of 2007">Renewable Energy and Energy Conservation Tax Act of 2007</a> </li><li><a _fcknotitle="true" href="Oil industry">Oil industry</a> </li></ul> <h3> References </h3> <p><references /> </p> <h3> External resources </h3> <ul><li><a href="http://thomas.loc.gov/cgi-bin/query/z?c110:S.3044:">Bill Text at Thomas</a> </li></ul> <h3> External articles </h3> <ul><li>Andrew Ross Sorkin, <a href="http://dealbook.blogs.nytimes.com/2008/05/30/sewing-the-energy-loopholes-shut/?hp">"Sewing the Energy Loopholes Shut,"</a> <i>DealBook</i> at <i>The New York Times</i>, May 30, 2008. </li><li>Ben Lieberman, <a href="http://www.heritage.org/Research/energyandenvironment/1950.cfm">"The Consumer-First Energy Act of 2008 Will Only Increase Gas Prices and Energy Costs,"</a> <i>Heritage Foundation</i>, June 9, 2008. </li><li>Timothy B. Hurst, <a href="http://redgreenandblue.org/2008/05/08/consumer-first-energy-act-of-2008-lacks-support/">"Consumer-First Energy Act of 2008 Lacks Support,"</a> <i>Red, Green, and Blue</i>, May 8, 2008. </li><li>Kate Sheppard, <a href="http://gristmill.grist.org/story/2008/6/10/11530/1857">"No renewal for renewables,"</a> <i>Gristmill</i>, June 10, 2008. </li><li>Moira Herbst, <a href="http://www.businessweek.com/bwdaily/dnflash/content/may2008/db20080513_272469.htm">"Oil Traders Draw Congress' Ire,"</a> <i>Business Week</i>, May 15, 2008. </li></ul> <p><span class="fck_mw_template">{{congresspedia}}</span> </p><a _fcknotitle="true" href="Category:Energy_and_Environment_Policy_(U.S.)">Energy_and_Environment_Policy_(U.S.)</a> <a _fcknotitle="true" href="Category:U.S._legislation">U.S._legislation</a>

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