Reduce and End our Deficits Using Commonsense Eliminations in the Energy Program Act of 2010 - Amends the Surface Mining Control and Reclamation Act of 1977 to terminate allocations of abandoned mine reclamation fees, except payments for health benefits, to states and Indian tribes that are certified to have completed coal mining reclamation.
Amends the Internal Revenue Code to terminate: (1) the enhanced oil recovery credit; (2) the credit for oil and gas produced from marginal wells; (3) the expensing of intangible drilling costs; (4) the deduction for tertiary injectants; (5) the exception to the passive loss limitation for working interests in oil and natural gas properties; (6) the percentage depletion deduction for oil and natural gas wells; and (7) the domestic manufacturing tax deduction for oil and natural gas companies.
Increases to seven years the geological and geophysical amortization period for independent producers.
Amends the Energy Policy Act of 2005 to repeal authority for: (1) the oil and gas research programs; (2) the low-volume oil and gas reservoir program; and (3) the Complex Well Technology Testing Facility at the Rocky Mountain Oilfield Testing Center.
Instructs the Secretary of Energy to: (1) discontinue the application before the Nuclear Regulatory Commission (NRC) for a license to construct a high-level nuclear waste geologic repository at Yucca Mountain, Nevada; (2) plan for the sale of federally owned and operated electric energy generation facilities under the supervision of, or working in coordination with, the Southeastern Power Administration (SEPA); and (3) terminate SEPA following such sale. Excludes from such sale any dam, reservoir, or waterfront property.
Directs the Tennessee Valley Authority (TVA) to sell the rights and assets of its electric power program. Excludes from the sale any hydroelectric power generation facility owned and operated by TVA (including dams and appurtenant works and structures).
Deems the remaining net proceeds from any such sale, after offset for sale costs, to extinguish the outstanding debt repayable to the United States and attributable to the assets being sold.
Amends the Energy Policy and Conservation Act to decrease the storage capacity of the Strategic Petroleum Reserve from 1 billion to 650 million barrels.
Amends the Energy Policy Act of 2005 to repeal the Secretary's program authority for research, development, demonstration, and commercial application of technologies for ultra-deepwater and unconventional natural gas and other petroleum resource exploration and production.