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Consumer-First Energy Act With families across Michigan being hit with record-high prices at the pump and big oil companies recording some of the highest profits in the history of our country, Senator Stabenow has joined with her colleagues to put forward real solutions. The Consumer-First Energy Act addresses the root causes of high gas prices, hold Big Oil companies accountable, and put Michigan families first. • Roll Back Tax Breaks for Oil Companies and Invest in Renewable Energy – In 2004 and 2005, the Big Oil companies received tax breaks worth $17 billion over 10 years. The Consumer-First Energy Act will roll back $17 billion in tax breaks for oil and gas companies and instead invest those taxpayer dollars to improve consumer price protection, renewable energy development and energy efficiency technology through a designated Energy Independence and Security Trust Fund. • Make Big Oil to Pay Their Fair Share through a Windfall Profits Tax – Since 2001, the five biggest oil companies have made over half a trillion dollars in profit. The Consumer-First Energy Act creates a 25 percent windfall profits tax on companies that fail to invest in increased capacity and renewable energy sources. This provision would not apply to the profits those companies reinvested in clean, affordable, domestically produced renewable fuels, expanding refinery capacity and utilization, or renewable electricity production. The proceeds of the tax will be invested in consumer price protection, renewable energy development and energy efficiency technologies through a designated Energy Independence and Security Trust Fund. • Halt Government Purchase of Oil for the Strategic Petroleum Reserve – The Administration continues to place between 70,000 and 80,000 barrels of oil a day underground in the Strategic Petroleum Reserve (SPR), which is 97 percent full. The Consumer-First Energy Act calls for suspending through December 2008 oil purchases for the SPR. Filling could resume when the 90 day average price of crude oil recedes to $75 or less. • Protect Consumers from Price Gouging – The Federal government’s authority and enforcement actions are inadequate to protect consumers from artificially created spikes in retail gas prices are inadequate. The Consumer-First Energy Act would give the President the authority to declare an energy emergency should there be a shortage, disruption or significant pricing anomalies in the oil market. Once an emergency is declared, setting an “unconscionably excessive price” during such an emergency would be deemed unlawful and subject to civil penalties. • Stop Market Price Speculation – The Administration’s failure to regulate the oil futures market has lead to exorbitant speculation. The Consumer-First Energy Act establishes two key limitations on speculation. First, the bill prevents traders of U.S. crude oil from routing transactions through off-shore markets to evade speculative limits and sets forth reporting requirements. The bill also required the Commodities Futures Trading Commission to set a substantial increase in the margin requirement for all oil futures trades, contracts or transactions. Recently, one oil company executive indicated crude oil prices could be inflated due to speculation in the futures market. • Stand Up to OPEC – OPEC’s near-monopolistic control over oil prices has lead to record oil prices which have driven up the cost Americans pay at the pump. The Consumer-First Energy Act allows the U.S. Attorney General to bring an enforcement action against any country or company that is colluding to set the price of oil, natural gas, or any other petroleum product. Enacting this provision will make it clear to nations that participate in the oil cartel that engaging in conduct desined to fix the price of oil is illegal under U.S. law.
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