Consumer-First Energy Act of 2008

From OpenCongress Wiki

Jump to: navigation, search

Back to main bill page for votes, text and more.

The Consumer-First Energy Act of 2008 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 Strategic Petroleum Reserve, was removed from the legislation and adopted by the Senate in May 2008. [1]


Article summary (how summaries work)

The proposed legislation would:

  • Repeal $17 billion in tax incentives for oil and gas companies at a rate of 25 percent
  • Create a windfall-profits tax for the top five major oil-and-gas companies;
  • Make price-gouging for gasoline a federal crime.
  • Require the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through 2008 [2]
  • Limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets[2]


Contents

Action on the bill

The bill fell short of cloture by a vote of 51-43 on June 10, 2008. [3]


Same for all scorecards:

Scored vote

Scorecard: Americans for Democratic Action 2008 Senate Scorecard

Org. position: Aye

Description:

"Motion to invoke cloture to limit debate and allow a vote to repeal 2004 and 2005 tax benefits for oil companies worth $17 billion over 10 years and direct the money to renewable energy. It also would impose a profits tax on the largest oil companies."

(Original scorecard available at: http://www.adaction.org/pages/publications/voting-records.php)

Scored vote

Scorecard: League of Conservation Voters 2008 Senate Scorecard

Org. position: Aye

Description:

"On June 10, during the heated debate over rising energy prices, Senator Harry Reid (D-NV) tried to bring his bill, S. 3044, the Consumer First Energy Act, to the Senate floor for debate. He proposed a package that attempted to reverse the harm imposed by eight years of Bush Administration pro-oil policies by attacking the root causes of high energy prices, providing price relief to American consumers, and supporting investment in clean energy technologies. S. 3044 sought to roll back tax breaks for oil and gas companies and invest those taxpayer dollars in clean, renewable energy and consumer price protection. S. 3044 would implement a 25 percent windfall profits tax on the largest oil companies, protect consumers from price-gouging, and curb excessive market price speculation. The Consumer First Energy Act also included provisions to suspend government purchases of oil to fill the Strategic Petroleum Reserve (SPR), and would have empowered the U.S. Attorney General to bring an enforcement action against any country or company that is colluding to set the price of oil."

(Original scorecard available at: http://www.lcv.org/2008-pdf.pdf)

Scored vote

Scorecard: National Journal 2008 Senate Scorecard

Org. position: Nay

Description:

"Allow the Senate to proceed to a bill raising taxes on oil and gas companies and directing the funds to renewable energy. June 10. (51-43; 60 votes required to invoke cloture. Reid voted no so that he could subsequently move to reconsider the vote.)"

(Original scorecard available at http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php

Articles and resources

See also

References

  1. Coral Davenport, "House, Senate Vote to Require Suspending Oil Deposits to Strategic Reserve ," CQ Politics, May 13, 2008.
  2. 2.0 2.1 "S. 2991, The Consumer-First Energy Act of 2008", Democratic Policy Committee, May 7, 2008
  3. U.S. Senate Roll Call Votes 110th Congress - 2nd Session

External resources

External articles

Toolbox