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Bill PDFBillno should always have and extension i.e. h1.ih

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Congressional Record References

Bill Summary & Status

HR 3300 IH

To provide for the development of a market for coal-to-liquid fuel.

August 1, 2007

Mr. NUNES introduced the following bill; which was referred to the Committee on Energy and Commerce

To provide for the development of a market for coal-to-liquid fuel.

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 `Coal-to-Liquid Fuel Marketing Act of 2007'.

SEC. 2. GOVERNMENT AUCTION OF LONG TERM PUT OPTION CONTRACTS ON COAL-TO-LIQUID FUEL PRODUCED BY QUALIFIED COAL-TO-LIQUID FACILITIES.

(a) In General- The Secretary shall, from time to time, auction to the public coal-to-liquid fuel put option contracts having expiration dates of 5 years, 10 years, 15 years, or 20 years.

(b) Consultation With Secretary of Energy- The Secretary shall consult with the Secretary of Energy regarding--

(1) the frequency of the auctions;

(2) the strike prices specified in the contracts;

(3) the number of contracts to be auctioned with a given strike price and expiration date; and

(4) the capacity of existing or planned facilities to produce coal-to-liquid fuel.

(c) Definitions- In this section:

(1) COAL-TO-LIQUID FUEL- The term `coal-to-liquid fuel' means any transportation-grade liquid fuel derived primarily from coal (including peat) and produced at a qualified coal-to-liquid facility.

(2) COAL-TO-LIQUID PUT OPTION CONTRACT- The term `coal-to-liquid put option contract' means a contract, written by the Secretary, which--

(A) gives the holder the right (but not the obligation) to sell to the Government of the United States a certain quantity of a specific type of coal-to-liquid fuel produced by a qualified coal-to-liquid facility specified in the contract, at a strike price specified in the contract, on or before an expiration date specified in the contract; and

(B) is transferable by the holder to any other entity.

(3) QUALIFIED COAL-TO-LIQUID FACILITY- The term `qualified coal-to-liquid facility' means a manufacturing facility that has the capacity to produce at least 10,000 barrels per day of transportation grade liquid fuels from a feedstock that is primarily domestic coal (including peat and any property which allows for the capture, transportation, or sequestration of by-products resulting from such process, including carbon emissions).

(4) SECRETARY- The term `Secretary' means the Secretary of the Treasury.

(5) STRIKE PRICE- The term `strike price' means, with respect to a put option contract, the price at which the holder of the contract has the right to sell the fuel which is the subject of the contract.

(d) Regulations- The Secretary shall prescribe such regulations as may be necessary to carry out this section.

(e) Effective Date- This section shall take effect 1 year after the date of the enactment of this Act.

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