Detailed Summary

Government Oil Acquisition Financial Accountability and Consumer Relief Act of 2008 - Instructs the Secretary of Energy to suspend petroleum acquisition for the Strategic Petroleum Reserve (SPR).

Authorizes the Secretary to resume petroleum acquisition for the SPR not earlier than 30 days after the date on which the Secretary notifies Congress that for the most recent consecutive four-week period: (1) the weighted average price of retail, regular, all formulations gasoline in the United States is $2.50 or less per gallon; or (2) the weighted average price of retail, No. 2 diesel in the United States is $2.75 or less per gallon.

Amends the Energy Policy and Conservation Act to require that acquisitions made for the SPR reflect a steady monthly dollar value of oil.

Instructs the Secretary to include at least 10% heavy crude oil in making any crude oil acquisitions for the SPR.

Status of the Legislation

Latest Major Action: 4/28/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Energy and Natural Resources.

Points in Favor

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Points Against

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