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Consumer Energy Supply Act of 2008 - Instructs the Secretary of Energy to publish a plan to: (1) sell prescribed amounts of light grade petroleum from the Strategic Petroleum Reserve (SPR) and acquire an equivalent volume of heavy grade petroleum; (2) deposit cash proceeds from those sales into the SPR Petroleum Account; and (3) withdraw from such proceeds the administrative and operational costs of the sale and acquisition.
Requires an offer for sale of 70 million barrels of light grade petroleum from the SPR.
Requires the sale to: (1) commence within 30 days after enactment of this Act, regardless of whether the Secretary's plan has been published; and (2) be completed within six months after enactment, with at least 20 million barrels offered for sale within the first 60 days after enactment.
Sets forth an acquisitions schedule for heavy grade petroleum to replace the light grade petroleum sold under this Act.
Encourages the Secretary to grant requests to defer scheduled deliveries of petroleum to the SPR if deferral will result in a premium paid in additional barrels of oil which will reduce the cost of oil acquisition and increase the volume of oil delivered to the SPR or yield additional cash bonuses.
Originally posted by mental modulator
reply to post by Sage08
I understand,,, I believe the US government is of the people and by the people,,,
I believe every attempt should by the officials we employee to help remedy the situation. Further more I also understand that Europeans pay more... It is unfortunate
the gas is really hurting many Americans to the point where some people now need to chose between food medicine or gas and prioritize. We have done this to ourselves...
Regardless we need relief,, drilling will not help in any practical way this day but will help in the future IBT ,,, SPR will help because it is GOV, the citizens fund it so there is no need for profit or speculative pricing. The sweet crude that is was targeted for withdrawal is much easier to get to market. The bill would have replaced the sweet crude with heavy...
Keep in mind the American economy is on the verge... If America tanks nobody will be doing to good...