Summary: H.R.6412 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.6412. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/26/2008)

Comprehensive Energy Exploration, Price Reduction, and Renewable Energy Investment Act of 2008 - Amends the Outer Continental Shelf Lands Act to permit projected lines of states adjacent to the subsoil and seabed of the outer Continental Shelf to be used for oil and gas preleasing and leasing activities.

Authorizes the governor of a state with a new producing area within the offshore administrative boundaries beyond the submerged land of the state to petition the Secretary of Energy to make new producing areas available for oil and gas leasing.

Sets forth a lease sales program for oil and gas development within the Coastal Plain of the Arctic National Wildlife Refuge.

Prescribes environmental protection procedures for the Coastal Plain.

Requires Alaska to establish in is state treasury the "Coastal Plain Local Government Impact Aid Assistance Fund," to assist designated Alaska entities impacted by the oil and gas exploration and production.

Prohibits exportation of oil or gas produced under this Act.

Prescribes a refinery permitting process.

Suspends petroleum acquisition for the Strategic Petroleum Reserve (SPR).

Establishes in the Treasury the Renewable Energy Transition Trust Fund.

Amends the Clean Air Act to include renewable biomass within its purview.

Sets forth an advanced battery manufacturing incentive program.

Instructs the Assistant Administrator of the Office of Research and Development of the Environmental Protection Agency to implement a research and development program for adding materials to biofuels to make them more compatible with infrastructure used to store and deliver petroleum-based fuels.

Instructs the Secretary of Energy to study and report to Congress on: (1) the feasibility of increasing consumption in the United States of ethanol-blended gasoline with specified levels of ethanol; and (2) specified diesel vehicle attributes.

Clean Coal-Derived Fuels for Energy Security Act of 2008 - Directs the President to promulgate regulations to ensure that covered fuel introduced into commerce in the United States on an annual average basis contains a specified volume and percentage of clean coal-derived fuel.

Amends the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 to repeal the prohibition against final regulations for commercial oil shale leasing program on public land.

Amends the Energy Independence and Security Act of 2007 to repeal the prohibition against federal agency contracts for procurement of alternative or synthetic fuel.

Authorizes the Department of Defense to enter into multiyear contracts to purchase synthetic fuels.

Prohibits sales of defense articles and services to the Kingdom of Saudi Arabia unless the Kingdom increases its oil production to at least 10 million barrels per day, and maintains that level.

Amends the Internal Revenue Code to extend and modify certain renewable energy production tax credits.

Directs the President to establish an Apollo 21 Energy Independence Program.

Instructs the Federal Trade Commission, the Board of Governors of the Federal Reserve System, and the Energy Information Agency to study and report jointly to Congress on the effects of speculation in the futures markets (including foreign futures markets) for natural gas, crude oil, and gasoline on cash market and retail prices for the commodities.

Requires the Commodity Futures Trading Commission (CFTC) to issue a notice of proposed rulemaking regarding comparability of foreign regulation of futures and derivatives trading.