H.R. 6436, The Oil Price Reduction Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 6436 would combat international oil price fixing and to amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax of at least $1,000 to offset high 2008 gasoline and diesel fuel prices.

Detailed Summary

Oil Price Reduction Act of 2008 - Prohibits U.S. bilateral assistance and arms exports (not including humanitarian assistance) to any country that is a major net oil exporter, including any country that is a member of the Organization of Petroleum Exporting Countries (OPEC), if such country is engaged in oil price fixing to the detriment of the U.S. economy.

Amends the Internal Revenue Code to allow taxpayers who drive a highway vehicle fueled by gasoline or diesel fuel a $1,000 tax credit in 2008.

Status of the Legislation

Latest Major Action: 7/8/2008: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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