Detailed Summary

$150 Barrel Energy Extortion Act of 2008 - Instructs the Secretary of the Treasury to prescribe certain income tax regulations relating to an election to expense certain refineries.

Amends the Internal Revenue Code (IRC) to treat domestic use oil refinery facilities bonds as exempt facility bonds.

Instructs the President to designate, and make available to the private sector, at least 10 federal sites for siting and construction of an oil refinery or natural gas refinery (or both).

Amends the Energy Policy Act of 2005 to revise the terms and conditions under which the Secretary of Energy (Secretary) is authorized to guarantee obligations for innovative technologies.

Revises requirements governing the Secretary's authority to enter into contracts with sponsors of an advanced nuclear facility.

Directs the Secretary to carry out a Nuclear Power 2010 Program to position the nation to start construction of new nuclear power plants as close to 2010 as achievable.

Establishes an Interagency Working Group to make recommendations to coordinate federal actions and programs to promote increasing domestic manufacturing capacity and export of domestic nuclear energy products and services.

Amends the IRC to allow tax credits for: (1) investment in a qualifying nuclear power manufacturing project or equipment; and (2) nuclear power facility construction.

Instruct the Secretary of Labor to promulgate regulations to implement a training program to meet the demand for a nuclear energy workforce.

Instructs the Secretary to establish a National Nuclear Energy Council.

Authorizes the Secretary to initiate temporary spent nuclear fuel storage agreements.

Declares that no consideration of the public health and safety, common defense and security, or environmental impacts of the storage of high-level radioactive waste and spent nuclear fuel generated in reactors licensed by the Nuclear Regulatory Commission (NRC) is required in connection with development, construction, and operation of a civilian nuclear power reactor or any facility for the treatment or storage of spent nuclear fuel or high-level radioactive waste.

Amends the IRC to: (1) apply the tax credit for producing fuel from nonconventional sources to gas produced onshore from formations more than 15,000 feet deep; and (2) allow a tax credit for carbon dioxide captured from industrial sources and used as a tertiary injectant in enhanced oil and natural gas recovery.

Terminates all laws prohibiting expenditures for oil and natural gas leasing and preleasing activities for areas of the outer Continental Shelf.

American-Made Energy and Good Jobs Act - Provides for: (1) a competitive leasing program for the exploration, development, and production of oil and gas on the Alaskan Coastal Plain; (2) distribution of federal and state revenues from federal oil and gas leasing and operations; (3) rights-of-way and easements across the Coastal Plain for oil and gas transportation; and (4) financial assistance for local government impact aid and community service assistance.

Status of the Legislation

Latest Major Action: 6/11/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Energy and Mineral Resources.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)