S. 2991: Consumer-First Energy Act of 2008

110th Congress · introduced 2008-05-07 · Energy · Latest: Sponsor introductory remarks on measure. (CR S3988-3989)

federal

Follow this bill, step by step

Where it came from: introduced 2008-05-07 · official record
Who proposed it: Sen. Reid, Harry [D-NV] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR S3988-3989) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Consumer-First Energy Act of 2008

Plain 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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Consumer-First Energy Act of 2008

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Reid, Harry [D-NV] · 24 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Charles E. Schumer (D-NY), Ron Wyden (D-OR), Sheldon Whitehouse (D-RI), Amy Klobuchar (D-MN), Patty Murray (D-WA), Jack Reed (D-RI), Richard J. Durbin (D-IL), Bernard Sanders (I-VT)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Jurisdiction: The area or the matters a government or court has authority over.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s2991.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s2991 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110