Pay Less at the Pump Act
- Last Action
- 6/13/2023
Actions
- 2023-06-13Read twice and referred to the Committee on Finance.
- 2023-06-13Introduced in Senate
CRS Summary
As of 2023-06-13 (00)
Pay Less at the Pump Act
This bill eliminates the excise tax on domestic crude oil and imported petroleum products (known as the petroleum Superfund tax rate) beginning on January 1, 2023. The bill also eliminates the authority for advances to the Hazardous Substance Superfund from the General Fund of the Treasury.
Under current law, the petroleum Superfund tax rate imposed is 16.4 cents per barrel (indexed annually for inflation). Amounts collected from this tax are deposited into the Hazardous Substance Superfund, which finances the remediation of certain environmentally contaminated sites.
Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.
Cosponsors (9)
- Cynthia Lummis (R-WY)
- Marsha Blackburn (R-TN)
- James Lankford (R-OK)
- James Risch (R-ID)
- Mike Lee (R-UT)
- Tim Scott (R-SC)
- John Hoeven (R-ND)
- John Thune (R-SD)
- Josh Hawley (R-MO)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.