American Energy Independence and Price Reduction Act - Directs the Secretary of the Interior to implement a competitive leasing program for the exploration, development, and production of the oil and gas resources on the Coastal Plain of Alaska.
Amends the Alaska National Interest Lands Conservation Act of 1980 to repeal the prohibition against leasing or other development leading to production of oil and gas from the Arctic National Wildlife Refuge (ANWR).
Deems any oil and gas leasing programs and activities authorized by this Act to be in compliance with ANWR purposes.
Authorizes the Secretary to designate up to 45,000 acres of the Coastal Plain as a Special Area, after consultation with the state of Alaska, the city of Kaktovik, and the North Slope Borough.
Permits directional drilling in the Special Area.
Prescribes procedures governing Coastal Plain lease sales, as well as terms and conditions, including: (1) environmental protection; (2) federal and state distribution of revenues; (3) rights-of-way; and (4) local government impact aid and community service assistance.
Sets forth: (1) a "no significant adverse effect" standard to govern Coastal Plain activities; and (2) guidelines for expedited judicial review of complaints.
Establishes the ANWR Alternative Energy Trust Fund.