Rep. Carey, Sen. Barrasso reintroduce Pay Less at the Pump Act to lower energy prices for American workers
WASHINGTON, D.C. – U.S. Rep. Mike Carey (R-Ohio-15), a member of the House Ways and Means Committee, and U.S. Senator John Barrasso (R-Wyo.) have reintroduced the Pay Less at the Pump Act, legislation that will boost domestic energy production, reduce reliance on foreign energy, and lower costs for American workers by eliminating the IRS Superfund Tax.
“Cheaper energy translates into cheaper goods for Americans at every level of the supply chain, allowing families to keep more of their hard-earned cash,” Rep. Carey said. “The Pay Less at the Pump Act will lower costs and build on the more affordable future Republicans are creating with the Working Families Tax Cuts.”
“Together with the Trump administration, Republicans are working to restore American energy dominance and reverse the Biden administration’s climate policies that drove up energy prices,” Sen. Barrasso said.
“The Pay Less at the Pump Act builds on this success by repealing another out-of-touch energy tax that hurts Americans every time they go to fill up their gas tanks. This will lower prices at the pump for American families and make it easier for Wyoming’s energy producers to unleash energy production here at home.”
“Raising taxes on American energy undermines the industry’s ability to invest and deliver the affordable, reliable energy the world increasingly demands. We support Senator Barrasso and Rep. Mike Carey’s effort to repeal this misguided policy and refocus Congress on measures that strengthen U.S. energy investment, competitiveness and security,” Kristin Whitman, Senior Vice President of Government Affairs at the American Petroleum Institute, said.
“Eliminating this tax once and for all will save American consumers billions of dollars and remove an arbitrary penalty on both U.S. energy production and fuel manufacturing. With affordability top of mind for Americans this legislation provides a common sense solution. We appreciate Rep. Carey’s continued steadfast leadership on these critical issues and his laser focus on supporting affordable, competitive American energy and manufacturing,” Aaron Ringel, Vice President of Government Relations at American Fuel & Petrochemical Manufacturers, said.
BACKGROUND
The Pay Less at the Pump Act will amend the IRS Code of 1986 to terminate the Hazardous Substance Superfund financing rate, also known as the Superfund Tax.
A Superfund Tax is imposed on crude oil when it is received at a U.S. refinery and applies to imported petroleum products. By terminating the Superfund Tax, taxpayers will save an estimated $10.5 billion over the next 10 years, lowering costs for all Americans.
This bill is also cosponsored by U.S. Reps. Kevin Hern (R-Okla.-01), Carol Miller (R-W.Va.-01), Nicole Malliotakis (R-N.Y.-11), and Tony Wied (R-Wis.-08).
Companion legislation was introduced in the U.S. Senate by U.S. Senator John Barrasso (R-Wyo.).
This bill was previously introduced in the 118th Congress.