Policing United States Oil Commodities Markets Act of 2008 - Amends the Commodity Exchange Act to require a covered market or facility to register with the Commodity Futures Trading Commission (CFTC) as a designated contract market and be subject to each rule established and regulation promulgated by the CFTC.
Defines "covered market or facility" as a contract market or electronic trading facility: (1) that operates one or more trading terminals within the United States; (2) on which there is transacted or facilitated any agreement, contract, or transaction that serves as a price discovery function for any energy commodity delivered in the United States; and (3) that is regulated by a foreign regulatory agency.