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People Over Petroleum Act: Fuel Rebates and Oil Company Tax Changes

This act aims to modify tax regulations for oil companies by eliminating certain tax breaks and incentives. Simultaneously, citizens may receive one-time rebates in 2022 to mitigate the impact of high fuel prices. These changes could affect fuel prices and the overall economic situation.
Key points
Elimination of tax subsidies for oil companies, potentially increasing their operating costs.
Introduction of one-time gas price rebates for individuals in 2022, amounting to $500 per person ($1,000 for joint filers) plus $500 per qualifying dependent, to help offset fuel costs.
Clarification of tar sands and other bituminous mixtures as crude oil for excise tax purposes, which may impact production costs and fuel prices.
Prohibition of the Last-In, First-Out (LIFO) accounting method for major integrated oil companies, potentially altering their inventory valuation and affecting profits.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_7871
Sponsor: Rep. McEachin, A. Donald [D-VA-4]
Process start date: 2022-05-24
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

People Over Petroleum Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7871.

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 2022-05-24.

What are the main provisions?

Key points include:

  • Elimination of tax subsidies for oil companies, potentially increasing their operating costs.
  • Introduction of one-time gas price rebates for individuals in 2022, amounting to $500 per person ($1,000 for joint filers) plus $500 per qualifying dependent, to help offset fuel costs.
  • Clarification of tar sands and other bituminous mixtures as crude oil for excise tax purposes, which may impact production costs and fuel prices.
  • Prohibition of the Last-In, First-Out (LIFO) accounting method for major integrated oil companies, potentially altering their inventory valuation and affecting profits.
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. McEachin, A. Donald [D-VA-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy Environment