Legislation recently introduced in the U.S. House of Representatives would lower gasoline prices, encourage increased domestic energy production, and reduce reliance on foreign energy sources.
The Pay Less at the Pump Act would amend the IRS Code of 1986 to terminate the Hazardous Substance Superfund (Superfund Tax) financing rate.
The Superfund Tax applies to imported petroleum products and is imposed on crude oil when it is received at a U.S. refinery. It was reinstated as part of the Inflation Reduction Act at a rate of $0.16 per barrel. The rate is indexed annually for inflation, and the current rate is $0.25 per barrel.