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The Consumer First Energy Act of 2008 ( S. 3044) 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 few details that have been released include:

  • A 25% windfall profit tax on any energy company that didn't invest in new energy sources.
  • End $17 billion in tax breaks to energy companies.
  • Prevent the Dept of Energy from adding to the Strategic Petroleum Reserve until the price of crude oil averaged under $75 for 90 days.
  • Require the CFTC to boost Margin requirements for Oil futures.

The bill was debated on 5 June 2008, [1] and filibustered in the Senate on 10 June 2008 [2]

References

  1. ^ "Senate website - see the floor schedule section (may be relocated at a future date)"
  2. ^ Tax Hike on Oil Profits Blocked, Washington Post, 11 June 2008.
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