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Pay Less at the Pump Act
3/12/2024, 7:47 AM
Summary of Bill S 1942
One of the key provisions of the Pay Less at the Pump Act is the establishment of a Gas Price Reduction Fund, which would provide financial assistance to gas stations in order to lower the price of gasoline for consumers. This fund would be funded through a combination of federal grants and contributions from oil companies.
Additionally, the bill includes measures to increase transparency in the oil and gas industry, such as requiring oil companies to disclose information about their pricing practices and profit margins. This is intended to ensure that consumers are not being overcharged for gasoline. Furthermore, the Pay Less at the Pump Act includes provisions to promote competition in the oil and gas industry, such as prohibiting price-fixing and collusion among oil companies. This is aimed at preventing monopolistic practices that could drive up gas prices. 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 potentially lead to lower gas prices for American consumers and increased transparency and competition in the oil and gas industry.
Congressional Summary of S 1942
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. Â
Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.





