S. 3202: Gas Price Reduction Act of 2008

110th Congress · introduced 2008-06-26 · Energy · Latest: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 854.

federal

Follow this bill, step by step

Where it came from: introduced 2008-06-26 · official record
Who proposed it: Sen. McConnell, Mitch [R-KY] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 854. 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

Gas Price Reduction Act of 2008

Plain summary

Gas Price Reduction Act of 2008 - Amends the Outer Continental Shelf Lands Act (OCSLA) to prescribe procedures for petition, by the governor of a state with a new producing area within the offshore administrative boundaries beyond the state's submerged land, to make the new producing area available for oil and gas leasing. Directs the Secretary of the Treasury to deposit specified percentages of outer Continental Shelf revenues into: (1) the general fund of the Treasury; and (2) into a special account in the Treasury for disbursal to both new producing states and to the Land and Water Conservation Fund. Amends the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008, to repeal the prohibition against funding: (1) regulations regarding a commercial leasing program for oil shale resources on public lands; or (2) an oil shale lease sale. Instructs the Secretary of Energy to: (1) expand and accelerate research and development efforts for advanced batteries; and (2) implement a direct loan program for up to 30% of the costs of advanced battery production. Expresses the sense of the Senate that the federal government should implement policies to increase federal purchases of plug-in electric drive vehicles. Directs the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission (SEC), and the Chairman of the Commodity Futures Trading Commission (CFTC) to study jointly and report to Congress on the international regime for regulating trading in energy commodity futures and derivatives. Amends the Commodity Exchange Act to prohibit the CFTC from permitting a foreign board of trade to provide to participants subject to CFTC jurisdiction direct access to electronic trading and order matching unless specified requirements are met. Directs the CFTC to: (1) promulgate rules for routine reporting requirements for index traders and swap dealers in energy and agricultural transactions; and (2) disaggregate and make public monthly information on the positions and value of index funds and other passive, long-only positions in the energy and agricultural futures markets. Instructs the CFTC to report to certain congressional committees on: (1) the scope of commodity index trading in the futures markets; (2) whether classification of index traders and swap dealers in the futures markets can be improved for regulatory and reporting purposes; and (3) whether index trading activity is adversely impacting the price discovery process in the futures markets and whether different practices and controls should be required. Instructs the CFTC to hire additional employees.

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

Gas Price Reduction Act of 2008

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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

Officials and money

Sponsor: Sen. McConnell, Mitch [R-KY] · 43 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Barrasso (R-WY), John Cornyn (R-TX), Mike Crapo (R-ID), Chuck Grassley (R-IA), Lisa Murkowski (R-AK), John Thune (R-SD), Roger F. Wicker (R-MS)

Sponsor's campaign money: Sen. McConnell, Mitch [R-KY] reported raising $278,697 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Jurisdiction: The area or the matters a government or court has authority over.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
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-110s3202.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3202 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110