S. 2991 would provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices.
Detailed Summary
Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) 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 the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming.
Petroleum Consumer Price Gouging Protection Act - Declares it unlawful for a supplier to sell crude oil, gasoline, petroleum distillates, or biofuel at an unconscionably excessive price in an area for which the President declares that an energy emergency exists. Grants the Federal Trade Commission (FTC) authority to enforce this Act.
Authorizes the President to declare a federal energy emergency if the well-being of U.S. citizens is at risk because of a shortage or imminent shortage of adequate supplies of crude oil, gasoline, petroleum distillates, or biofuel because of: (1) a disruption in the national distribution system; or (2) significant pricing anomalies in the national energy markets for such products.
Authorizes state attorneys general to bring civil actions to enforce this Act. Sets forth civil and criminal penalties for violations.
Directs the Secretaries of Energy and the Interior to suspend acquisition of petroleum for the Strategic Petroleum Reserve until December 31, 2008.
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 who engage in such such illegal 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 a substantial increase in margin levels for all oil futures trades, contracts, or transactions.
Status of the Legislation
Latest Major Action: 5/8/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 728.
Points in Favor
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Points Against
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Visitor Comments
Michael Fuss Kagel Canyon
s.2991 misses the point and yet is too broad. It is believed that speculation makes up about half of the price of a barrel of oil these days. The bill should narrowly focus on chasing specultors out of American commodities markets with a punitive tax of 500% for anyone speculating on oil who dosn't actually take shipment of barrels until the price drops to a predetermined number, like $55 a barrel.
The US government will not be able to punish OPEC or other Soverign Oil producing nations like Russia around with s.2991 and will only look hypocritical by protecting its own speculators and ultimately too weak and internationaly reckless if push comes to shove with OPEC- does anyone remember the Arab Oil embargo or do we need to repeat rationing?
By chasing the speculators out of the market we will lower the price oil companies pay for the oil which will quickly and ultimately cut the profits of Oil companies and OPEC/ oil producing nations.