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Ending Tax Loopholes for Big Oil and Gas Companies

This bill aims to reduce the federal budget deficit by eliminating tax loopholes for large oil and gas companies. These changes could impact fuel prices as these companies may face higher costs. Ultimately, savings from these changes are intended to reduce public debt, which could have a long-term impact on the nation's financial stability.
Key points
Eliminates tax breaks for large oil and gas companies, potentially increasing their operating costs.
Limits the ability of large oil companies to deduct drilling and development costs.
Repeals royalty relief for deep water and deep gas drilling on the Outer Continental Shelf.
All savings from this act will be used to reduce the federal budget deficit or national debt.
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Expired
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Additional Information
Print number: 117_S_5216
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2022-12-08
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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

Close Big Oil Tax Loopholes Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5216.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-08.

What are the main provisions?

Key points include:

  • Eliminates tax breaks for large oil and gas companies, potentially increasing their operating costs.
  • Limits the ability of large oil companies to deduct drilling and development costs.
  • Repeals royalty relief for deep water and deep gas drilling on the Outer Continental Shelf.
  • All savings from this act will be used to reduce the federal budget deficit or national debt.
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 Sen. Menendez, Robert [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy Environment