LEASE Act of 2008

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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 GreenSponsor

16 cosponsors · 16 D

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

Long-Term Energy Assurance and Security Enhancement Act of 2008 or the LEASE Act of 2008 - Instructs the Secretary of the Interior to open certain areas in the Eastern Gulf of Mexico to oil and gas leasing.

What it does: CRS summary · Introduced in House · Jul 30, 2008

Directs the Secretary of the Treasury to distribute certain Outer Continental Shelf (OCS) revenues to: (1) the general fund of the Treasury; (2) the Energy Independence and Security Fund (established by this Act); (3) Gulf producing states; and (4) financial assistance to states.

Allocates funds among Gulf producing states and coastal political subdivisions.

Instructs the Secretary of the Interior to: (1) protect the environment and the conservation of the natural resources of the OCS; and (2) establish lateral boundaries between coastal states in areas of the OCS that are outside the Gulf of Mexico and under exclusive federal jurisdiction in order to lease areas for oil and natural gas exploration and production.

Authorizes the governor of a coastal state to request the Secretary of the Interior to assess OCS oil and gas resources.

Terminates federal prohibitions against the expenditure of appropriated funds to conduct oil and natural gas leasing and preleasing in specified areas of the OCS.

Establishes the Energy Independence and Security Fund, whose amounts shall be distributed to designated research and development programs, including: (1) assessments of oil and gas resources; (2) wind energy research; (3) solar energy; (4) marine and hydrokinetic renewable electric energy; and (5) the Weatherization Assistance Program.

Energy Markets Emergency Act of 2008 - Directs the Commodity Futures Trading Commission (CFTC) to: (1) curb immediately the role of excessive speculation in any contract market within its jurisdiction and control that trades energy futures or swaps; and (2) eliminate unlawful activity causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.

Consumer Energy Supply Act of 2008 - Instructs the Secretary of Energy to: (1) sell light grade petroleum from the Strategic Petroleum Reserve (SPR) and acquire an equivalent volume of heavy grade petroleum; and (2) deposit the cash proceeds into the SPR Petroleum Account.

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

About this bill and sources

Official title: LEASE Act of 2008

Also known as: Long-Term Energy Assurance and Security Enhancement Act of 2008

Latest action (Oct 3, 2008): Referred to the Subcommittee on General Farm Commodities and Risk Management.

Policy area: Energy · Origin: House · Introduced: Jul 30, 2008

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

No recorded floor vote found.