H.B. 1087 Summary

• Increases the environmental response, energy, and food security tax on petroleum products from $1.05 per barrel with variable allocations to a new structure effective July 1, 2015.

• Changes the amount deposited into the environmental response revolving fund from 5 cents per barrel to an unspecified amount (represented by a blank line in the text).

• Maintains existing allocations of 15 cents to the energy security special fund, 10 cents to the energy systems development special fund, and 15 cents to the agricultural development and food security special fund.

• Responds to concerns about aging underground storage tanks throughout Hawaii, including the Red Hill facility near Pearl Harbor that leaked 27,000 gallons of jet fuel in January 2014, which threatened groundwater supplies for Oahu residents.

• Aims to ensure sustainability of the environmental response revolving fund to address future environmental emergencies as revenues decline due to reduced oil demand.