New Energy Reform Act of 2008

The New Energy Reform Act of 2008 is a proposed bill to reduce gas prices and lessen America's dependence on foreign oil.

Current status
The bill has not yet been introduced.

Bill summary
The proposal was made by a bipartisan group of senators calling themselves the "Gang of 10." The senators announced their proposal in early August, 2008, while Republican members of the U.S. House of Representatives staged a protest on the House floor. The members were upset that the House had adjourned for the August recess without voting on energy legislation.

The Gang of 10 crafted a compromise piece of legislation they said would help shift the focus of America's energy future to more renewable sources while taking advantage of existing domestic opportunities for traditional energy production.

Key provisions
According to a statement released by Conrad, the New Energy Reform Act of 2008 would have the following components:


 * A nationwide push to produce cars and trucks that are powered by non-conventional fuels;
 * increased efforts on the part of the government to push conservation and efficiency
 * addition production of America's oil and natural gas reserves, done in a "targeted, responsible" manner

The proposed legislation would include $20 billion to transition 85-percent of new American cars and trucks to non-oil based fuels by 2028. In addition, it would provide tax-credits toward the purchase of "highly efficient" vehicles, and extend tax credits for the production of energy from renewable sources, such as wind and solar power. The proposal also provides incentives for creating new biofuels and distributing them through alternative fueling stations and infrastructure.

For domestic oil and natural gas production, the legislation would open areas of the Gulf of Mexico for leasing, and allow Virginia, North and South Carolina and Georgia to determine whether to allow drilling offshore. No drilling would be permitted within 50 miles of the coast, and any production would have to be used domestically. The proposal also includes incentives for liquid coal production and research into nuclear power production and waste management.