Summary: H.R.5437 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.5437. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/14/2008)

American-Made Energy Act of 2008 - Amends the Internal Revenue Code to modify and set forth provisions concerning tax credits for alternative and renewable energy, nuclear power facility construction, and an advanced coal project and deductions for energy efficient commercial buildings, qualified refinery property, and oil and gas well depletion. Establishes the American-Made Energy Trust Fund.

Amends the Energy Independence and Security Act of 2007 to repeal a provision that prohibits federal agencies from procuring alternative or synthetic fuel for any mobility-related use unless its life cycle greenhouse gas emissions are less than those for fuel from conventional petroleum sources.

Directs the Federal Trade Commission (FTC) to study the effects of state guaranteed profit laws and credit card processing fees on gasoline prices.

Requires the Secretary of the Interior to establish a competitive oil and gas leasing program that will result in an environmentally sound program for the exploration, development, and production of the Coastal Plain's oil and gas resources. Amends the Alaska National Interest Lands Conservation Act of 1980 to repeal a provision concerning the prohibition on leasing or other development leading to the production of oil and gas from the Arctic National Wildlife Refuge. Authorizes the Secretary to designate certain Coastal Plain lands as Special Areas requiring special management and regulatory protection, including the Sadlerochit Spring area.

Amends the Energy Policy and Conservation Act to set forth provisions concerning: (1) studying the maintenance of coal-to-liquid products in the Strategic Petroleum Reserve; (2) constructing specified storage facilities for the Reserve; (3) acquiring, storing, transporting, or exchanging coal-to-liquid fuel; (4) procuring biobased fuel or coal-to-liquid fuel; and (5) auctioning to the public coal-to-liquid fuel put option contracts.

Amends the Clean Air Act to authorize funding for grants for cellulosic ethanol production for FY2009-FY2010.

Amends the Farm Security and Rural Investment Act of 2002 to require the Secretary of Agriculture to: (1) make loan guarantees to entities to assist in paying the cost of development and construction of biorefineries and biofuel production plants to carry out projects to demonstrate the commercial viability of processes for converting biomass to fuels or chemicals; and (2) conduct a competitive research and development program to encourage new forest-to-energy technologies. Amends the Agricultural Risk Protection Act of 2000 to repeal provisions concerning biomass research and development.

Authorizes persons who generate credits for renewable fuel that exceed their annual obligation for such fuel to retain such credits for the purpose of complying with obligations under the Clean Air Act with respect to advanced biofuel.

Amends the Energy Policy Act of 1992 to terminate prohibitions on expenditures to conduct oil or natural gas leasing and preleasing activities for Outer Continental Shelf (OCS) areas and to revoke withdrawals of federal submerged lands from the OCS. Amends the Outer Continental Shelf Lands Act to prohibit the Secretary of the Interior from granting certain oil or natural gas leases for OCS areas that are located within a specified number of miles of the coastline of a state.

Establishes the state seaward boundaries under the Outer Continental Shelf Lands Act.

Authorizes the President to take steps to increase the share of electricity generated from nuclear power to 40% of the total domestic generation by 2050.