S. 3044 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: 6/11/2008: Senate floor actions. Status: Motion to proceed to measure considered in Senate.
Points in Favor
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Points Against
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Visitor Comments
John
This bill imposes a windfall profits tax on oil companies. Who do you think will ultimately pay for this! The consumer, of course. And this bill is named "Consumer First..."!
Nick
It should be named the Liberal Taxationist Energy Act. All taxes are passed down to the lowest person on the totem pole. The poorest of Americans will foot this bill, because more affluent americans will just telecommute, or buy expensive hybrids. It's poorer folks who rely on thier pickup trucks to work that will foot the majority of this bill. How shameful you Democrats!
David Cook
Some where along the line, those who are earning big pay checks on the backs of the poor will have pay, because they are the ones with the money that they earned off the poor. Shame on those who don't want to see this injustice corrected.
Lisa
This is all nonsense, quit banging on the oil companies and start drilling in our own country! If you examine this problem very closely, Congress and the government are to blame because they REFUSE to drill anywhere for fear that an ant may get harmed. Ridiculous! The American people are fed up to here and we are starting to band together to get Congress to do what WE THE PEOPLE want them to do for a change!
joe hines
People dont understand that g.w.bush and all of his neocon zieniest outlaws are big oil and gas people, the higher they can get the oil and gas prices the more money they make. they dont care or give a dam about me are anyone els. the government officials have never cared about the people, all they care about is how many bribes they can get. You see money and power has become the government officials god. As for as the government officials concern,the people that put their trust in them can go to hell.
GreatDanes
DRILL NOW DRILL HERE!!!
Enough of the Polar Bear. To Hell with the Ice Caps. This is National Crisis and the Young Idiots that want us all to have Bikes and walk to Work and run our Business....haven't gotten Out of High School. Dam Listen to the People that have to pay the Increases when Congress has these STUPID IDEAS. The People END UP paying MORE!
Go to www.firecongress.org
We Need to Get Rid Of All Of Them....FireCongress.org
a bicycle rider
Are the writers of this bill maleveolent or simply stupid?
I think the answer is clear for joe hines, the anti-semite who would like to blame "zienists" for high oil prices.
Heath
I agree the tax doesn't do any good, but the other sections of the bill seem OK.
I wish things just didn't get all bundled up like this. (how did this get past the house anyway?)
Richard
Don't you see what's going here. With with the Federal Reserve DINK supporting Wall Street instead of the Dollar, investors are hiding in the commodities. Gold, Oil, Etc. It's the only safe place to hide. With everyone pouring dollars into the commodities it's driving the price up. Once someone bangs Ben Bonehead's cage, the spectator's will start talking about the price of commodities going down. I know what you are thinking but if we don't prop the dollar up at the expense of Wall Street (i.e. 401k) we're going to head right in to a hard recession. Wall Street deserves the blow. They converted all the bad debt into securities and sold it to the world. Those crooks are the ones that deserve the blame. And the Federal Reserve Bumpkin is bailing them all out compliments of the tax payer.
HighIQ
So let me get this straight... Dont take the oil man's money cuz he will just take more of your's. I didn't think that argument would really take hold, I guess I underestimated the degree of stupidity in our country. Gee what do you all think will happen to the oil companies if they raise the prices higher to compensate? You dont think that money would be subject to the same windfall penalties. Ignorance is bliss lets keep paying!