II 109th CONGRESS 2d Session S. 2984 IN THE SENATE OF THE UNITED STATES May 23, 2006 Mr. Obama introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To require certain profitable oil companies to expend 1 percent of recent quarterly profits to install E–85 fuel pumps in the United States.

1.

Short title

This Act may be cited as the Future Investment to Lessen Long-term Use of Petroleum Act or the FILL UP Act.

2.

Findings

Congress finds that— (1)in May 2006, average gasoline prices in the United States were 31 percent higher than such prices in May 2005; (2)the profits earned by oil companies are at an all-time high, with the profits of the 5 largest American oil companies reaching $28,000,000,000 during the first quarter of 2006, 50 percent higher than the profits of those companies during the first quarter of 2004; (3)millions of Americans drive automobiles with flexible-fuel capability, which can run on E–85, a fuel blend consisting of 85 percent ethanol and 15 percent petroleum-based gasoline; (4)there are only 616 stations in the United States that dispense E–85 fuel, leaving the vast majority of Americans with no choice but to purchase petroleum-based gasoline; (5)E–85 fuel produces less greenhouse gas emissions than conventional gasoline; (6)increasing usage of E–85 fuel bolsters our Nation’s economic and national security, safeguarding the interests of the American people; and (7)the approximate cost of installing a pump that dispenses E–85 fuel is $60,000.

3.

Definitions

In this Act: (1)

Company

The term company has the meaning given the term person in section 2 of the Hot Oil Act (15 U.S.C. 715a). (2)

E–85 fuel

The term E–85 fuel means a fuel mixture containing at least 85 percent denatured ethanol, by volume, combined with gasoline or other fuels.

4.

Reinvestment of oil company profits

(a)

Applicability

Any company shall comply with the requirements under subsection (b) if the company— (1)produces, refines, distributes, or sells petroleum products in the United States; and (2)reported at least $1,000,000,000 in net income, for all domestic and international operations, on Form 10–Q filed with the Securities and Exchange Commission for the first quarter of 2006. (b)

Investment requirement

(1)

In general

Each company described in subsection (a) shall expend not less than 1 percent of the total profits reported by such company for the first quarter of 2006 to install infrastructure to dispense E–85 fuel or other alternative fuels, as determined by the Secretary, at gasoline service stations located in the United States. (2)

Plan submission

Not later than 6 months after the date of the enactment of this Act, each company described in subsection (a) shall submit a plan to the Secretary of Energy that describes the installation timetable and the anticipated location of each E–85 fuel pump to be installed by the company in compliance with this subsection. (3)

Completion of installation

Each company described in subsection (a) shall complete the installation of fuel dispensing infrastructure required under paragraph (1) not later than 3 years after the date of the enactment of this Act. (c)

Oversight

(1)

In general

The Secretary of Energy shall ensure that the companies described in subsection (a) comply with the requirements under subsection (b). (2)

Rulemaking

The Secretary of Energy, in consultation with the Secretary of Transportation, shall promulgate regulations to carry out this Act.

5.

Authorization of appropriations

There are authorized to be appropriated such sums as may be necessary to carry out this Act.