It’s called the Pay Less at the Pump Act and was introduced in Congress this week by U.S. Sens. James Lankford and John Barrasso, a Republican from Wyoming.
Their plan is to lower energy prices for American families by repealing the $10.5 billion “Superfund Tax” on American energy production.
“As I predicted, the so-called ‘Inflation Reduction Act’ was just a front for progressives to slip through Congress many of their Green New Deal priorities, including a ‘Superfund Tax’ on oil and gas,” said Sen. Lankford.
“So the fantasy that he can tax his way into a renewable-only economy is only hurting Americans. We should work on lowering prices for Oklahoma families, not punishing them with more taxes.”
The GOP Senator from Oklahoma said even Biden’s own experts admit that by 2050, the U.S. will need at least as much traditional energy as the nation currently uses.
“Hardworking families in Wyoming are paying the price for the Democrats’ war on American energy. Across the country, Americans are feeling the pain every time they go to fill up their gas tanks,” said Barrasso.
He called it a “reckless and out-of-touch” tax that makes already skyrocketing energy costs even higher. Barrasso said it’s time for the tax to be repealed and replaced by proposals that will unleash American energy and lower costs for Americans.
Cosponsors of this legislation include Senators John Thune (R-SD), Cynthia Lummis (R-WY), Marsha Blackburn (R-TN), Jim Risch (R-ID), Mike Lee (R-UT), Tim Scott (R-SC), and John Hoeven (R-ND).
The bill repeals the “Superfund Tax” on crude oil and imported petroleum products that was reinstated in the Democrats’ reckless tax-and-spend bill. This tax leads to higher prices for families and businesses. Upon reinstatement of the long-expired tax, the tax was raised from its original 9.7 cents per barrel, to a new rate of 16.4 cents per barrel. Additionally, the tax was indexed to inflation, meaning higher tax burdens in future years.
This bill has received support from the American Fuel and Petrochemical Manufacturers, the American Petroleum Institute, and the Petroleum Association of Wyoming,
Source: Lankford press release