[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6383 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6383

 To make available for research and development of alternative energy 
 certain revenue received by the United States for all future oil and 
                              gas leases.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2008

  Mr. Hayes introduced the following bill; which was referred to the 
  Committee on Natural Resources, and in addition to the Committee on 
 Science and Technology, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To make available for research and development of alternative energy 
 certain revenue received by the United States for all future oil and 
                              gas leases.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Alternative Energy Advancement 
Act''.

SEC. 2. USE OF PROCEEDS OF OIL AND GAS LEASING OF FEDERAL LANDS AND 
              FEDERAL SUBMERGED LANDS.

    (a) Establishment of Trust Fund.--There is established in the 
Treasury a separate account (in this Act referred to as the ``Trust 
Fund'').
    (b) Deposits.--There shall be deposited into the Trust Fund all 
amounts received by the United States as bonus bids, rents, and 
royalties under leases for exploration, development, and production of 
oil and gas that are awarded after the date of the enactment of this 
Act for any area of Federal lands or of Federal submerged lands of the 
outer Continental Shelf--
            (1) that, on the date of the enactment of this Act, is 
        withdrawn from such leasing; or
            (2) for which the expenditure of Federal funds for such 
        leasing is prohibited.
     (c) Use.--Amounts in the Trust Fund shall be available to the 
Secretary of Energy for research and development of alternative energy.
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