S. 1007 — Western Hemisphere Energy Compact

Summary

Western Hemisphere Energy Compact - (Sec. 3) Defines specified terms.

(Sec. 4) Directs the Secretary of State (Secretary) to establish the Western Hemisphere Energy Cooperation Forum which should seek to: (1) strengthen relationships between the United States and other countries of the Western Hemisphere through cooperation on energy issues; (2) enhance cooperation between major energy producers and major energy consumers in the Western Hemisphere, particularly among the governments of Brazil, Canada, Mexico, the United States, and Venezuela; and (3) promote renewable energy production and lessen oil import dependency.

Directs the U.S. government to seek to implement: (1) an energy crisis initiative that will promote national and regional measures to respond to temporary energy supply disruptions; (2) an energy sustainability initiative to facilitate long-term supply security by fostering reliable supply sources of fuels, including energy from biomass; and (3) an energy for development initiative to promote energy access for underdeveloped areas through energy policy and infrastructure development.

Directs the Secretary to seek Western Hemisphere governments' cooperation in establishing a Western Hemisphere Energy Industry Group, which shall increase public-private partnerships and foster private investment.

Directs the U.S. government to explore the establishment of the Oil and Gas Working Group, which should strengthen oil- and natural gas-related dialogue among international oil companies, national oil companies, and civil society groups.

(Sec. 5) Directs the Secretary to work with Brazil to: (1) coordinate efforts to promote the production and use of biofuels among all interested countries, giving preference to the countries in the Western Hemisphere that are among the poorest and most dependent on petroleum imports; (2) invite the European Union (EU), China, India, South Africa, Japan, and other interested countries to expand upon existing international efforts to create global biofuels markets and promote biofuels production and use in developing countries; (3) assess the feasibility of working with the International Bank for Reconstruction and Development (World Bank) and relevant regional development banks regarding biofuels; and (4) develop a coordinated strategy regarding the construction and retrofitting of pipelines and terminals near major fuel distribution centers, coastal harbors, and railroads.