Summary
Affordable Fuel for Consumers Act of 2008 - Expresses the sense of Congress that the President should stop filling the Strategic Petroleum Reserve (SPR) until the price of petroleum no longer has a major adverse impact upon the national economy.
Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency (EPA) to give preference to approval of state implementation plan provisions if they require the use of either: (1) certain reformulated gasoline; or (2) gasoline having a specified Reid Vapor Pressure for the high ozone season.
Amends the Sherman Act to prohibit actions of a foreign entity that impact upon the market, supply, price, or distribution in the United States of oil, natural gas, or any other petroleum product.
Amends the Internal Revenue Code of 1986 to set forth: (1) a 60-day suspension of taxes on highway motor fuels; (2) a temporary expensing of property pertaining to oil and natural gas exploration and production; and (3) an investment tax credit on property for oil shale extraction and processing.
Directs the Secretary of the Interior to establish and implement procedures for a competitive oil and gas leasing program on the Arctic National Wildlife Refuge (Coastal Plain).
Provides for federal and state distribution of revenues from the oil and natural gas leasing program.
Authorizes the Secretary to provide local government impact aid and community service assistance to certain affected Alaska entities.
Terminates prohibitions on expenditures for, and withdrawals from, offshore leasing for oil and gas.
Amends the Outer Continental Shelf Lands Act to: (1) prohibit the Secretary from granting oil or natural gas leases within 25 miles of a state coastline; (2) require state approval for leasing oil and natural gas located within 50 miles of such state; and (3) share federal bonus bids and royalties on submerged lands located within the seaward boundaries of a state.
Prohibits exportation of crude oil from the Alaska North Slope.
Lifecycle of the Bill
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