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Pay Less at the Pump Act
12/15/2023, 3:58 PM
Summary of Bill HR 3678
Bill 118 hr 3678, also known as the Pay Less at the Pump Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to reduce the cost of gasoline for American consumers by implementing various measures to lower gas prices.
One of the key provisions of the Pay Less at the Pump Act is the establishment of a Gas Price Relief Fund, which would provide financial assistance to states to help offset the cost of gasoline for consumers. This fund would be funded through a combination of federal and state contributions, as well as revenue generated from a tax on oil companies.
Additionally, the bill includes provisions to increase domestic oil production and streamline the permitting process for new oil and gas projects. This is intended to boost supply and help drive down prices at the pump. Furthermore, the Pay Less at the Pump Act aims to promote competition in the oil and gas industry by prohibiting anti-competitive practices and promoting transparency in pricing. This is intended to ensure that consumers are able to access affordable gasoline options. Overall, the Pay Less at the Pump Act is a comprehensive piece of legislation that seeks to address the issue of high gas prices in the United States. If passed, this bill could have a significant impact on the wallets of American consumers by making gasoline more affordable.
One of the key provisions of the Pay Less at the Pump Act is the establishment of a Gas Price Relief Fund, which would provide financial assistance to states to help offset the cost of gasoline for consumers. This fund would be funded through a combination of federal and state contributions, as well as revenue generated from a tax on oil companies.
Additionally, the bill includes provisions to increase domestic oil production and streamline the permitting process for new oil and gas projects. This is intended to boost supply and help drive down prices at the pump. Furthermore, the Pay Less at the Pump Act aims to promote competition in the oil and gas industry by prohibiting anti-competitive practices and promoting transparency in pricing. This is intended to ensure that consumers are able to access affordable gasoline options. Overall, the Pay Less at the Pump Act is a comprehensive piece of legislation that seeks to address the issue of high gas prices in the United States. If passed, this bill could have a significant impact on the wallets of American consumers by making gasoline more affordable.
Congressional Summary of HR 3678
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.
Current Status of Bill HR 3678
Bill HR 3678 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3678 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3678's most recent activity was Referred to the House Committee on Ways and Means. as of May 25, 2023
Bipartisan Support of Bill HR 3678
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3678
Primary Policy Focus
TaxationComments
Sponsors and Cosponsors of HR 3678
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