PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 26, 2007
Energy Security and Corporate Accountability Act of 2007 - Requires major integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum products according to a specified formula.
Amends the Internal Revenue Code to: (1) set forth a special rule for the application of the foreign tax credit to major integrated oil companies which are dual capacity taxpayers; (2) provide for extended amortization (seven years instead of five) of geological and geophysical expenditures for major integrated oil companies; and (3) impose a windfall profits tax on major integrated oil companies.
Repeals provisions of the Energy Policy Act or 2005 suspending royalties from oil and natural gas production activities in the Gulf of Mexico. Terminates royalty suspension in the Planning Areas offshore Alaska.
Showing the opening paragraphs of the official summary.
Establishes a National Energy Security Research and Investment Reserve to fund energy research, including research relating to ethanol and biodiesel, and to defray the cost of providing fueling pumps to deliver new fuels to consumers.
Requires the Secretary of Health and Human Services to establish and carry out a Low-Income Transportation Energy Assistance Program and establish a Fund to assist low-income households in purchasing gasoline or diesel fuel or bus passes, train tickets, or other mass-transit fares for transportation purposes. Provides for the transfer of windfall profits tax receipts to the Fund.
People & committees
Sen. Casey, Robert P., Jr. [D-PA] · D–PA
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Feb 10, 2026. Consult Congress.gov for the current record.
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