To provide incentives to reduce dependence on foreign oil.


New Options Petroleum Energy Conservation Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for investment in a climate neutral combustion facility. Defines "climate neutral combustion facility" as any facility which: (1) burns matter to produce electricity; (2) captures and uses carbon dioxide released during combustion to recover hydrocarbon fuel; and (3) produces no emissions of mercury or greenhouse gasses and no emissions that form fine particulate, smog, or acid rain.

Extends through 2012 the tax credits for investment in solar energy property and for residential energy efficient property expenditures.

Directs the Secretary of Energy to establish a program to award $1 billion to the first U.S. automobile manufacturer who manufactures and sells in the United States 60,000 midsized sedans which operate on gasoline and can travel at 100 miles per gallon.

Authorizes appropriations for the development of advanced lithium ion battery technology.

Allows a taxpayer election to expense biofuel refining property.

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