Consumer-First Energy Act of 2008

The Consumer-First Energy Act of 2008 is proposed legislation that would repeal subsidies for the oil and gas industry while instituting a "windfall profits" tax on major gasoline producing companies. An earlier aspect of the plan, forcing President Bush to halt deposits to the Strategic Petroleum Reserve, was removed from the legislation and adopted by the Senate in May 2008.

Bill summary
 The proposed legislation would:


 * Repeal $17 billion in tax incentives for oil and gas companies at a rate of 25 percent
 * Create a windfall-profits tax for the top five major oil-and-gas companies;
 * Make price-gouging for gasoline a federal crime.
 * Require the Secretary of Energy to suspend acquisition of petroleum for the Strategic Petroleum Reserve through 2008
 * Limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets

Action on the bill
The bill fell short of cloture by a vote of 51-43 on June 10, 2008.

Related SourceWatch articles

 * Renewable Energy and Energy Conservation Tax Act of 2007
 * Oil industry

External resources

 * Bill Text at Thomas

External articles

 * Andrew Ross Sorkin, "Sewing the Energy Loopholes Shut," DealBook at The New York Times, May 30, 2008.
 * Ben Lieberman, "The Consumer-First Energy Act of 2008 Will Only Increase Gas Prices and Energy Costs," Heritage Foundation, June 9, 2008.
 * Timothy B. Hurst, "Consumer-First Energy Act of 2008 Lacks Support," Red, Green, and Blue, May 8, 2008.
 * Kate Sheppard, "No renewal for renewables," Gristmill, June 10, 2008.
 * Moira Herbst, "Oil Traders Draw Congress' Ire," Business Week, May 15, 2008.