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Gasoline Tax Holiday and Windfall Profits Tax on Oil Companies

This act introduces a temporary federal gasoline tax holiday, potentially lowering fuel prices. It also imposes a new tax on the high profits of large oil companies, with the collected funds intended for distribution among registered vehicle owners. The act further aims to combat fuel price gouging.
Key points
Federal gasoline tax suspended until the end of 2022, potentially reducing fuel costs.
A 50% tax on the extraordinary profits of large oil companies for 2022 is introduced.
Funds from the windfall profits tax will be distributed equally among all registered vehicle owners in the U.S.
The Federal Trade Commission will investigate and penalize companies for fuel price gouging from early 2022.
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Expired
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Additional Information
Print number: 117_HR_7751
Sponsor: Rep. Norcross, Donald [D-NJ-1]
Process start date: 2022-05-12
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

GOUGE Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7751.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-05-12.

What are the main provisions?

Key points include:

  • Federal gasoline tax suspended until the end of 2022, potentially reducing fuel costs.
  • A 50% tax on the extraordinary profits of large oil companies for 2022 is introduced.
  • Funds from the windfall profits tax will be distributed equally among all registered vehicle owners in the U.S.
  • The Federal Trade Commission will investigate and penalize companies for fuel price gouging from early 2022.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Norcross, Donald [D-NJ-1].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy Transport