This bill would impose a new federal excise tax on crude oil produced or imported by large oil companies, with the revenue returned to American taxpayers through gasoline price rebates. The tax applies only to oil companies that extracted or imported more than 300,000 barrels daily in 2025, and charges 50 percent of the price increase above 2025 baseline prices per barrel. Starting January 1, 2026, the legislation creates a "Protect Consumers from Gas Hikes Fund" to collect these taxes and distribute quarterly rebates to eligible individual taxpayers based on the prior quarter's revenues. The rebate amounts are calculated by the Treasury within 30 days of each quarter's end, with married couples receiving 150 percent of the single-filer amount, though the credit phases out for higher-income individuals. The tax becomes effective for crude oil removed or entered after December 31, 2025, with a delayed payment deadline of September 30, 2026, for the first three quarters of 2026.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.