Consumer First Energy Act of 2008
- Consumer First Energy Act of 2008
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The Consumer First Energy Act of 2008[1] is a set of initiatives laid out by the US Democratic Party on Wednesday May 7, 2008. The plan was first mentioned by House Speaker Nancy Pelosi on April 27, 2006.[citation needed] The initiative has been roundly criticized as economic nonsense and an effort to scapegoat energy companies rather than make meaningful efforts to address the stagnant supply of oil in a world of skyrocketing demand.
The few details that have been released include:
- A 25% windfall profit tax on any energy company that didn't invest in new energy sources. This would increase the cost of energy by a significant margin as energy companies would pass the cost on to consumers, driving down demand and in theory eventually leading to lower costs.
- End $17 billion in tax breaks to energy companies. This would increase the cost to consumers by roughly $17 billion, as energy companies would recoup the loss through price increases.
- Prevent the Dept of Energy from adding to the Strategic Petroleum Reserve until the price of crude oil averaged under $75 for 90 days. This is largely a cosmetic move, as this amounts to 70,000 barrels (11,000 m3) of oil each day compared to the 90,000,000-barrel (14,000,000 m3) per day demand worldwide.
- Require the CFTC to boost Margin requirements for Oil futures.
The bill was debated on 5 June 2008 [2], and filibustered in the Senate on 10 June 2008[3]
References
- ^ "Consumer First Energy Act of 2008 - US Senate"
- ^ "Senate website - see the floor schedule section (may be relocated at a future date)"
- ^ Tax Hike on Oil Profits Blocked, Washington Post, 11 June 2008.
Categories:
- United States proposed federal legislation
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