Consumer-First Energy Act of 2008
Latest action · May 12, 2008 Sponsor introductory remarks on measure. (CR S3988-3989)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 7, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 24
Members who signed on, in the order they did. Signatures ran from May 7, 2008 to Jun 4, 2008; 19 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | May 7, 2008 |
| D-MD | Barbara A. Mikulski | Original | May 7, 2008 |
| D-MD | Benjamin L. Cardin | Original | May 7, 2008 |
| D-MI | Carl Levin | Original | May 7, 2008 |
| D-NY | Charles E. Schumer | Original | May 7, 2008 |
| D-MO | Claire McCaskill | Original | May 7, 2008 |
| D-HI | Daniel K. Inouye | Original | May 7, 2008 |
| D-MI | Debbie Stabenow | Original | May 7, 2008 |
| D-CA | Dianne Feinstein | Original | May 7, 2008 |
| D-MA | Edward M. Kennedy | Original | May 7, 2008 |
| D-NJ | Frank R. Lautenberg | Original | May 7, 2008 |
| D-RI | Jack Reed | Original | May 7, 2008 |
| D-VT | Patrick J. Leahy | Original | May 7, 2008 |
| D-WA | Patty Murray | Original | May 7, 2008 |
| D-IL | Richard J. Durbin | Original | May 7, 2008 |
| D-OR | Ron Wyden | Original | May 7, 2008 |
| D-RI | Sheldon Whitehouse | Original | May 7, 2008 |
| D-OH | Sherrod Brown | Original | May 7, 2008 |
| D-SD | Tim Johnson | Original | May 7, 2008 |
| D-WI | Herb Kohl | May 8, 2008 | |
| D-CA | Barbara Boxer | May 12, 2008 | |
| D-CT | Christopher J. Dodd | May 12, 2008 | |
| D-ND | Kent Conrad | May 14, 2008 | |
| I-VT | Bernard Sanders | Jun 4, 2008 |
Actions 4
Everything that happened, newest first.
- May 12, 2008Sponsor introductory remarks on measure. (CR S3988-3989)
- May 8, 2008Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 728.
- May 7, 2008Introduced in Senate
- May 7, 2008Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
In the Congressional Record 4
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S4434 | Sheldon Whitehouse D-RI | May 20, 2008 |
| Senate | Debate and remarks S3988, S3994, S3999, S4009, S4023–S4025 | Amy Klobuchar D-MN, Benjamin L. Cardin D-MD, Carl Levin D-MI, Harry Reid D-NV, Jeff Bingaman D-NM | May 12, 2008 |
| Senate | Debate and remarks S3935, S3936, S3938 | John Cornyn R-TX, Mitch McConnell R-KY, Richard J. Durbin D-IL | May 8, 2008 |
| Senate | Debate and remarks S3931Text printed S3902–S3906 | Christopher J. Dodd D-CT, Harry Reid D-NV (text) | May 7, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 110-496 | EXPLORING THE SKYROCKETING PRICE OF OIL350 pages | Judiciary Committee | May 21, 2008 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL34689 | Oil Industry Financial Performance and the Windfall Profits Tax Archived | Report | Jul 13, 2011 |
| RL33521 | Gasoline Prices: Causes of Volatility and Congressional Response Archived | Report | Nov 13, 2008 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3044 | Consumer-First Energy Act of 2008 | Related bill | Jun 11, 2008 |
| HR 6022 | Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008 | Related bill | May 19, 2008 |
| HR 6653 | Consumer Energy Relief Act of 2008 | Related bill | Oct 3, 2008 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Consumer-First Energy Act of 2008
- Short Titles as Introduced for portions of this bill
- NOPEC
- No Oil Producing and Exporting Cartels Act of 2008
- Petroleum Consumer Price Gouging Protection Act
Subjects
Assigned by the Library of Congress. Policy area: Energy.
- Alcohol as fuel
- Alternative energy sources
- Antitrust law
- Armed Forces and National Security
- Biomass energy
- Cartels
- Civil actions and liability
- Climate change and greenhouse gases
- Commerce
- Congress
- Congressional oversight
- Congressional reporting requirements
- Crime and Law Enforcement
- Derivative securities
- Disaster relief
- Economics and Public Finance
- Emergency Management
- Energy
- Energy prices
- Energy security
- Energy supplies
- Environmental Protection
- Excess profits tax
- Finance and Financial Sector
- Fines (Penalties)
- Foreign tax credit
- Foreign Trade and International Finance
- Futures trading
- Gasoline
- Government liability (International law)
- Government Operations and Politics
- Government procurement
- Government publicity
- Government trust funds
- Governmental investigations
- Income tax
- International Affairs
- Iraq compilation
- Law
- Losses
- Margins (Security trading)
- Natural gas
- Oil and gas royalties
- Parties to actions
- Petroleum industry
- Petroleum refineries
- Petroleum reserves
- Price fixing
- Profit
- Restrictive trade practices
- Science, Technology, Communications
- Strategic materials
- Tax credits
- Tax deductions
- Taxation of foreign income
- Telephone
Text 1
Each version as it was printed, newest first.
- May 8, 2008Placed on Calendar Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
