Gas Prices Relief Act of 2022

Gas Prices Relief Act of 2022

This bill provides for a temporary exemption through 2022 from the excise tax on gasoline (other than aviation gasoline) and from the Leaking Underground Storage Tank Trust Fund financing rate. The Department of the Treasury must transfer from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund amounts resulting from the exemption provided by this bill.

The bill also expresses congressional policy that consumers immediately receive the benefit of this exemption.

Bill 117 hr 6787, also known as the Gas Prices Relief Act of 2022, aims to provide relief to American consumers who are facing high gas prices. The bill was introduced in the US Congress in response to the rising cost of gasoline across the country.

The Gas Prices Relief Act of 2022 includes several key provisions. One of the main components of the bill is the establishment of a temporary gas tax holiday, which would suspend the federal gas tax for a period of time in order to lower the overall cost of gasoline for consumers. This tax holiday is intended to provide immediate relief to American families who are feeling the financial strain of high gas prices.

In addition to the gas tax holiday, the bill also includes measures to increase transparency in the oil and gas industry. This includes requiring oil and gas companies to disclose information about their pricing practices and profit margins, as well as implementing measures to prevent price gouging and market manipulation. Furthermore, the Gas Prices Relief Act of 2022 includes provisions to promote energy efficiency and the development of alternative fuels. This includes funding for research and development of renewable energy sources, as well as incentives for consumers to purchase fuel-efficient vehicles. Overall, the Gas Prices Relief Act of 2022 is aimed at providing immediate relief to American consumers who are struggling with high gas prices, while also promoting long-term solutions to reduce our dependence on fossil fuels and mitigate the impact of future price spikes.