Detailed Summary

Consumer Energy Relief Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by this Act. Allows distributions from such Trust Fund for low-income home energy assistance, home weatherization, grants for research and development of renewable energy sources, and financing the purchases of hybrid vehicles, energy efficient vehicles, and energy efficient appliances.

Petroleum Consumer Price Gouging Protection Act - Amends the Commodity Exchange Act to extend the regulatory authority of the Commodity Futures Trading Commission (CFTC) to include energy commodities.

Declares it unlawful for a supplier to sell crude oil, natural gas, gasoline, petroleum distillates, or biofuel at an unconscionably excessive price in an area for which the President has declared an energy emergency. Grants the Federal Trade Commission (FTC) authority to enforce this Act. Authorizes state attorneys general to bring civil actions to enforce this Act.

No Oil Producing and Exporting Cartels Act of 2008 or NOPEC - Amends the Sherman Act to make it illegal for any foreign state to act with another foreign state to: (1) limit the production or distribution of oil, natural gas, or any other petroleum product; (2) set or maintain prices for such products; or (3) otherwise take any action in restraint of trade for such products. Denies sovereign immunity or act of state doctrine protections for foreign states that engage in such conduct.

Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to: (1) determine that foreign boards of trade subject to CFTC jurisdiction regulate and provide information on off-shore oil trading; and (2) set increases in margin levels for all oil futures trades, contracts, or transactions to reduce excessive speculation and protect consumers.

Status of the Legislation

Latest Major Action: 10/3/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Points in Favor

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Points Against

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