Detailed Summary

Grow American Supply Act - Amends the Submerged Lands Act (SLA) regarding the delineation of lateral offshore state boundaries with respect to the Outer Continental Shelf Lands Act (OCSLA) and related oil and gas mineral rights.

Amends OCSLA with respect to Adjacent Zones and Planning Areas in the outer Continental Shelf (OCS) subsoil and seabed.

Revises procedures governing natural gas lease administration.

Requires deposit of a portion of OCS receipts from certain new leases into a Special Dedicated Account in the Social Security Trust Fund to reduce Social Security debt.

Establishes the Deficit Reduction Trust Fund to accept specified OCS receipts to reduce the federal debt.

Prohibits oil and gas leasing east of the Military Mission Line.

Cites conditions for granting a federal permit to construct a crude oil or petroleum products pipeline without adjacent state concurrence within the part of the adjacent state's Adjacent Zone that is withdrawn from oil and gas or natural gas leasing.

Exempts lease suspensions and preliminary activities on OCS tracts from the requirement to prepare statutory environmental assessments or impact statements.

Prohibits construction or operation on either the federal OCS or in state waters of either a facility, or a restricted transportation corridor or operating area that is incompatible with leasing, exploration and production of oil, gas or natural gas upon tracts that geologically prospective for oil or natural gas.

Requires the Secretary to repurchase and cancel specified leases.

Amends the Mineral Leasing Act to revise regulations governing onshore surface-disturbing activities.

Rigs to Reefs Act of 2008 - Amends OCSLA to prescribe requirements for the use of decommissioned offshore oil and gas platforms for artificial reefs.

Instructs the Secretary to establish: (1) OCS regional headquarters for the Atlantic and the Pacific OCS region; and (2) Federal OCS Joint Regional Permitting Offices.

Amends the Energy Policy Act of 2005 to set royalty rates for leases for oil shale and tar sands.

Repeals the Gulf of Mexico Energy Security Act of 2006.

Amends the Energy Policy Act of 2005 to require regulations that promote: (1) production of natural gas from gas hydrates; and (2) enhanced oil and natural gas production through carbon dioxide injection.

Sets forth: (1) minimum rental rates for future oil, gas, and coal federal leases; and (2) onshore oil and gas royalties.

Status of the Legislation

Latest Major Action: 7/25/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Readiness.

Points in Favor

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Points Against

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