Funding a Clean Energy Future By Bringing Lower Gas Prices for Americans Today Act of 2008

Funding a Clean Energy Future By Bringing Lower Gas Prices for Americans Today Act of 2008 - Amends the Submerged Lands Act (SLA) regarding state seaward boundaries. Requires that extension and delineation of lateral offshore state boundaries follow the lines used to determine the Adjacent Zones of coastal states under the Outer Continental Shelf Lands Act (OCSLA) to the extent they extend twelve nautical miles from the nearest coastline.

Exempts from SLA states' rights, authority, and requirements all oil and gas mineral rights for lands beneath navigable waters located within the expanded offshore state seaward boundaries established by this Act.

States that such oil and gas mineral rights are: (1) part of the federal outer Continental Shelf (OCS) and remain federal property; and (2) subject to leasing under OCSLA, and under certain leasing laws governing the OCS.

States that all existing federal oil and gas leases within such expanded offshore state seaward boundaries continue unchanged.

Amends OCSLA to revise Adjacent Zones and planning areas in the OCS subsoil and seabed.

Revises requirements and procedures governing: (1) natural gas lease administration; (2) lease grants; (3) disposition of lease receipts; (4) allocations to adjacent or producing states and coastal municipal political subdivisions; and (5) sharing receipts from tracts within or beyond 100 miles of certain coastlines.

Authorizes the President to revise or revoke for a ten-year term any prior withdrawal made by a President.

Prohibits the President from: (1) revising or revoking a withdrawal that is extended by a state; or (2) withdrawing from leasing any area for which a state has failed to prohibit leasing.

Amends the OCS leasing program to require the Secretary of the Interior to include in each five-year program lease sales that, when viewed as a whole, propose to offer to lease for oil, gas, or natural gas exploration at least 75% of available unleased acreage within each OCS Planning Area.

Declares that, unless at least 50% of the production projected to be carried by pipeline within the first 10 years of operation is from areas of an adjacent state's adjacent zone, a federal agency is prohibited from permitting, without the concurrence of such adjacent state, the construction of a crude oil or petroleum products pipeline within the part of the adjacent state's adjacent zone that is withdrawn from oil and gas or natural gas leasing.

Exempts lease suspensions and all preliminary activities on OCS tracts from requirements governing environmental assessments or impact statements.

Directs the Secretary to establish and implement a competitive leasing program for lands within the Alaska Coastal Plain.

Authorizes the Secretary to designate Special Areas on the Coastal Plain excluded from leasing or surface occupancy, but which may permit directional drilling.

Prescribes procedures for: (1) lease sales, grants, terms and conditions; (2) Coastal Plain environmental protection; (3) distribution of revenues; (4) rights-of-way across the Coastal Plain; and (5) local government impact aid and community service assistance.

Establishes in the Treasury the Clean Future-Lower Prices Alternative Energy Trust Fund.