U.S. Rep. Mike Carey (R-OH) on May 25 unveiled legislation that would terminate the Hazardous Substance Superfund financing rate in an effort to lower consumer gas prices across the nation.
“The American people need any relief they can get when it comes to the cost of energy, and this is a step in the right direction to reduce energy prices across the board,” Rep. Carey said.
The congressman sponsored the Pay Less at the Pump Act, H.R. 3678, with fellow U.S. House Ways and Means Committee colleagues and original cosponsors U.S. Reps. Adrian Smith (R-NE), Carol Miller (R-WV), Darin LaHood (R-IL), and Ron Estes (R-KS) to also encourage more domestic energy production and decrease America’s reliance on foreign sources of energy, according to a bill summary they released last week.
“The Biden administration continues to implement policies that drive up the cost of oil and gas, which has been the main driver of our inflation crisis,” said Rep. Carey. “House Republicans and the Ways and Means Committee are committed to lowering energy prices for the American people through common-sense legislation like the Pay Less at the Pump Act.”
If enacted, H.R. 3678 would amend the IRS Code of 1986 to terminate the Hazardous Substance Superfund financing rate, also known as the Superfund Tax, which is imposed on crude oil when it is received at a U.S. refinery and applies to imported petroleum products, the summary says.
By terminating the Superfund Tax, taxpayers would save an estimated $10.5 billion over the next 10 years, states the summary, noting that the Biden administration reinstated the Superfund Tax as part of the Inflation Reduction Act (IRA) at a rate of $0.164 per barrel.
The measure has been referred for consideration to the House Ways and Means Committee.