Oil Savings Act of 2008 - States that it is U.S. policy to reduce the dependence of the United States on oil and thereby: (1) alleviate the strategic dependence of the United States on oil-producing countries; (2) reduce the economic vulnerability of the United States; and (3) reduce the greenhouse gas emissions associated with oil use.
Directs an Interagency Task Force, composed of the Secretaries of Energy, Transportation, Defense, Agriculture, and the Treasury, as well as the Administrator of the Environmental Protection Agency (EPA) and any other agency head determined appropriate by the President, to: (1) publish an action plan for achieving specified oil savings targets during calendar years 2016, 2026, and 2030; and (2) report to Congress on the progress achieved in implementing such targets and expected oil savings under the action plan. Requires the plan to include an analysis demonstrating expected oil savings that result from changes to motor vehicle fuel consumption standards and under the renewable fuel program.
Requires a revised action plan if oil savings fall short of targets.
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