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Pay Less at the Pump Act

3/12/2024, 7:47 AM

Summary of Bill S 1942

The Pay Less at the Pump Act, also known as Bill 118 s 1942, 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 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.  

Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.

Current Status of Bill S 1942

Bill S 1942 is currently in the status of Bill Introduced since June 13, 2023. Bill S 1942 was introduced during Congress 118 and was introduced to the Senate on June 13, 2023.  Bill S 1942's most recent activity was Read twice and referred to the Committee on Finance. as of June 13, 2023

Bipartisan Support of Bill S 1942

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
18
Democrat Cosponsors
0
Republican Cosponsors
18
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1942

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 1942

Pay Less at the Pump Act
Pay Less at the Pump Act
A bill to amend the Internal Revenue Code of 1986 to terminate the Hazardous Substance Superfund financing rate.

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