text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Developing Resources Immediately and 
  Long-Term through Leases on Our Nation's Offshore Waters Act of 2008'' 
  or the ``DRILL NOW Act of 2008''.
  
  SEC. 2. TERMINATION OF LAWS PROHIBITING THE SPENDING OF APPROPRIATED 
                FUNDS FOR OUTER CONTINENTAL SHELF LEASING ACTIVITIES.
  
      All provisions of existing Federal law prohibiting the spending of 
  appropriated funds to conduct oil and natural gas leasing and 
  preleasing activities for any area of the Outer Continental Shelf shall 
  have no force or effect.
  
  SEC. 3. REVOCATION OF EXISTING PRESIDENTIAL WITHDRAWALS.
  
      All withdrawals of Federal submerged lands of the Outer Continental 
  Shelf from leasing, including withdrawals by the President under the 
  authority of section 12(a) of the Outer Continental Shelf Lands Act (43 
  U.S.C. 1341(a)), are hereby revoked and are no longer in effect with 
  respect to the leasing of areas for exploration for, and development 
  and production of, oil, and natural gas.
  
  SEC. 4. REVOCATION OF EXISTING PRESIDENTIAL AUTHORITY.
  
      All authorities given to the President with respect to the leasing 
  of Federal submerged lands of the Outer Continental Shelf, given under 
  section 12(a) of the Outer Continental Shelf Lands Act (43 U.S.C. 
  1341(a)), are hereby revoked, except in the interest of national 
  security.
  
  SEC. 5. AVAILABILITY OF CERTAIN AREAS FOR LEASING.
  
      Section 8 of the Outer Continental Shelf Lands Act (43 U.S.C. 1337) 
  is amended by adding at the end the following:
      ``(q) Availability of Certain Areas for Leasing.--
              ``(1) Definitions.--In this subsection:
                      ``(A) Governor.--The term `Governor' means the 
                  Governor of a State.
                      ``(B) Qualified revenues.--The term `qualified 
                  revenues' means all rentals, royalties, bonus bids, and 
                  other sums due and payable to the United States from 
                  leases entered into on or after the date of enactment 
                  of this Act for natural gas exploration and extraction 
                  activities authorized by the Secretary under this 
                  subsection.
              ``(2) Petition.--
                      ``(A) In general.--The Governor may submit to the 
                  Secretary a petition requesting that the Secretary 
                  issue leases authorizing the conduct of oil and natural 
                  gas exploration and extraction activities in any area 
                  that is at least 50 miles beyond the coastal zone of 
                  the State.
                      ``(B) Contents.--In any petition under subparagraph 
                  (A), the Governor shall include a detailed plan of the 
                  proposed exploration and extraction activities, as 
                  applicable.
              ``(3) Action by secretary.--
                      ``(A) In general.--Subject to subparagraph (D), as 
                  soon as practicable after the date of receipt of a 
                  petition under paragraph (2), the Secretary shall 
                  approve or deny the petition.
                      ``(B) Requirements for exploration and 
                  extraction.--The Secretary shall not approve a petition 
                  submitted under paragraph (2)(A) unless the State 
                  enacts legislation supporting exploration and 
                  extraction of oil and natural gas in the coastal zone 
                  of the State.
                      ``(C) Consistency with legislation.--The plan 
                  provided in the petition under paragraph (2)(B) shall 
                  be consistent with the legislation described in 
                  subparagraph (B) as applicable.
                      ``(D) Conflicts with military operations and 
                  national security.--The Secretary shall not approve a 
                  petition for a drilling activity under this paragraph 
                  if the drilling activity would conflict with any 
                  military operation or national security, as determined 
                  by the President.
              ``(4) Disposition of revenues.--Notwithstanding section 9, 
          for each applicable fiscal year, the Secretary of the Treasury 
          shall deposit--
                      ``(A) 25 percent of qualified revenues in a Clean 
                  and Alternative Energy Fund in the Treasury, which 
                  shall be established by the Secretary;
                      ``(B) 25 percent of qualified revenues in the 
                  general fund of the Treasury;
                      ``(C) 37.5 percent of qualified revenues in a 
                  special account in the Treasury from which the 
                  Secretary shall disburse to the State; and
                      ``(D) 6.25 percent to provide financial assistance 
                  to States in accordance with section 6 of the Land and 
                  Water Conservation Fund Act of 1965 (16 U.S.C. 460l-8), 
                  which shall be considered income to the Land and Water 
                  Conservation Fund for purposes of section 2 of that Act 
                  (16 U.S.C. 460l-5); and
                      ``(E) 6.25 percent to a reserve fund to be used to 
                  mitigate for any environmental damage that occurs as a 
                  result of extraction activities authorized under this 
                  subsection, regardless of whether the damage is--
                              ``(i) reasonably foreseeable; or
                              ``(ii) caused by negligence, natural 
                          disasters, or other acts.
              ``(5) Existing leases.--Any funds that would be received by 
          the United States as royalties under any Federal oil and gas 
          lease of an area on the outer Continental Shelf within 50 miles 
          of the coastal zone of the State of Texas, Louisiana, 
          Mississippi, or Alabama that is in effect on the date of 
          enactment of the DRILL NOW Act of 2008 shall be paid to that 
          State if the State enacts a statute that establishes a plan for 
          expenditure of those funds.''.
target: Developing Resources Immediately and Long-Term through Leases on Our Nation's Offshore Waters Act of 2008, or DRILL NOW Act of 2008 - Declares without force or effect all existing federal law which prohibits spending appropriated funds to conduct oil and natural gas leasing and preleasing on the outer Continental Shelf.
  
  Revokes: (1) all withdrawals from leasing on federal submerged lands of the outer Continental Shelf (including withdrawals by the President); and (2) Presidential authorities with respect to such leasing (except in the interest of national security).
  
  Amends of the Outer Continental Shelf Lands Act to authorize a state governor to petition the Secretary of the Interior to issue leases for oil and natural gas exploration and extraction activities in any area that is at least 50 miles beyond the state's coastal zone.
  
  Cites circumstances under which the Secretary shall approve or deny the petition.
  
  Instructs the Secretary of the Treasury to deposit revenues from leasing operations into designated funds and accounts.
  
  Provides that any funds that would be received by the United States as royalties under any existing federal oil and gas lease on the outer Continental Shelf that lies within 50 miles of the coastal zone of the states of Texas, Louisiana, Mississippi, or Alabama shall be paid to that state if it enacts an expenditure plan for those funds.
feat_title: To achieve greater national energy independence by terminating longstanding moratoriums on the domestic production of offshore oil and natural gas and to authorize States to petition for authorization to conduct offshore oil and natural gas exploration and extraction in the coastal zone of their State.