WASHINGTON, DC – On June 15, U.S. Senator John Barrasso (R-Wyo.) introduced legislation to lower energy prices for American families by repealing the $10.5 billion “Superfund Tax” on American energy production.
The bicameral Pay Less at the Pump Act (S. 1942) will repeal 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.
“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 Senator Barrasso. “Reckless and out-of-touch taxes like this make already skyrocketing energy costs even higher, at a time when Americans can least afford it. We must repeal this tax and put forward proposals that unleash American energy and lower costs for Wyoming families.”
Cosponsors of this legislation include U.S. Senators John Thune (R-S.D.), Cynthia Lummis (R-Wyo.), Marsha Blackburn (R-Tenn.), James Lankford (R-Okla.), Jim Risch (R-Idaho), Mike Lee (R-Utah), Tim Scott (R-S.C.), and John Hoeven (R-N.D.).
U.S. Congressman Mike Carey (R-Ohio) introduced companion legislation in the U.S. House of Representatives.
This bill has received support from the Petroleum Association of Wyoming, American Fuel and Petrochemical Manufacturers, and the American Petroleum Institute.
“Wyoming producers already face some of the highest tax rates in the country. Further increasing the tax burden on Wyoming producers hurts businesses from the well pad to main streets across the state. We appreciate Senator Barrasso’s work to repeal this misguided policy and bring common sense solutions to reduce energy costs.” – Pete Obermueller, President of the Petroleum Association of Wyoming
“Any measures government can take in this inflationary environment to eliminate unnecessary taxes that needlessly raise the cost of manufacturing gasoline and diesel in the United States should be pursued. We appreciate the leadership of Senator Barrasso in elevating this matter and prioritizing affordable, competitive American energy and manufacturing. We hope this legislation and its companion bill in the House receive swift consideration and passage.” – Aaron Ringel, Vice President Government Relations, American Fuel & Petrochemical Manufacturers
“Increasing taxes on American energy places additional burdens on the U.S. natural gas and oil industry’s ability to meet growing global energy demand. We welcome Sen. Barrasso’s efforts to repeal this ill-conceived policy and instead focus on legislation that will foster investment in affordable and reliable American energy.” – Amanda Eversole, Executive Vice President & Chief Advocacy Officer, American Petroleum Institute
Full text of the legislation can be found here.
Original Source can be found here.
