Detailed Summary

Energy Independence, Clean Air, and Climate Security Act of 2007 - Fuel Economy Improvement Act - Revises corporate average fuel economy standards (CAFE Standards) provisions for automobiles and light trucks, including requiring the Secretary of Transportation to prescribe graduated increased average fuel economy standards for passenger automobiles and light trucks beginning in model year 2010 in order to achieve a combined average fuel economy standard of at least 35 miles per gallon beginning in model year 2019, and of at least 45 miles per gallon beginning in model year 2030 (or such other number of miles per gallon as the Secretary may prescribe). Prohibits such regulations from making any distinction between passenger automobiles and light trucks by not later than model year 2013 (effectively eliminating the SUV loophole).<br>

Requires standards that achieve the maximum feasible fuel economy for work trucks beginning with model year 2013.

Requires that passenger automobiles and light trucks be equipped with fuel economy indicators and devices beginning with model year 2014.

Amends the Internal Revenue Code to: (1) repeal the limitation on the number of new qualified hybrid and advanced lean-burn technology vehicles eligible for the alternative motor vehicle credit; (2) allow an energy efficient motor vehicles manufacturing tax credit; (3) allow an idling reduction tax credit; and (4) increase the small ethanol producer tax credit for sucrose and cellulosic ethanol producers.

Establishes a national tire fuel economy program for tires designed for use on passenger cars and light trucks.

Prescribes heavy duty vehicle fuel economy standards.<br>

Directs the Secretary of Energy to require a specified petroleum consumption reduction for the federal fleet.

Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to, among other things, establish: (1) a methodology for use in determining the lifecycle greenhouse gas (GHG) emissions of transportation fuel in commerce; and (2) a requirement applicable to each fuel provider to reduce the average lifecycle GHG emissions of transportation fuel produced, blended, or imported by the fuel provider to a specified level.<br>

Revises provisions concerning the applicable volume of renewable fuel in gasoline.

Clean Power Act of 2007 - Requires the Administrator to promulgate regulations to achieve specified reductions in emissions of sulfur dioxide, nitrogen oxides, carbon dioxides, and mercury from certain electric generation facilities.

Extends the tax credits for: (1) renewable electricity production; and (2) residential energy efficient property.

Amends the Public Utility Regulatory Policies Act of 1978 regarding efficiency resource standards for retail electricity and natural gas suppliers.

Repeals the application of tax provisions to major integrated oil companies regarding: (1) the amortization of geological and geophysical expenditures; and (2) the allowance for depletion for oil and gas wells.

Abrupt Climate Change Research Act of 2007 - Establishes a program of scientific research on abrupt climate change within the Office of Oceanic and Atmospheric Research of the National Oceanic and Atmospheric Administration.

Status of the Legislation

Latest Major Action: 6/6/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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