Invest in Energy Independence Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D LampsonSponsor

31 cosponsors · 28 D, 3 R

21 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · May 15, 2008

Invest in Energy Independence Act - Instructs the Secretary of Energy to publish a plan to: (1) exchange light grade petroleum from the Strategic Petroleum Reserve (SPR) for an equivalent volume of heavy grade petroleum plus certain cash bonus bids received that reflect the difference in the market value between light grade and heavy grade petroleum and the timing of deliveries of the heavy grade petroleum; (2) deposit into the SPR Petroleum Account, from the gross proceeds of the cash bonus bids, the amount necessary to pay for the costs of the exchange; (3) deposit 90% of the remaining net proceeds from the exchange into the Energy Independence and Security Fund established by this Act; and (4) deposit the remaining balance into the SPR Petroleum Account to acquire additional petroleum for the SPR.

Directs the Secretary to study and report to Congress on the potential for additional exchanges from the SPR.

Establishes in the Treasury the Energy Independence and Security Fund.

Instructs the Secretary to distribute amounts from the Fund to specified energy activities, including: (1) energy research of the Advanced Research Projects Agency; (2) wind and solar energy research and development; (3) low-income weatherization; (4) advanced vehicles research, development, demonstration; and (5) smart grid technology research and development.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Invest in Energy Independence Act

Latest action (Jun 3, 2008): Referred to the Subcommittee on Energy and Environment.

Policy area: Energy · Origin: House · Introduced: May 15, 2008

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.