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Ending Superfund Tax on Oil to Potentially Lower Fuel Prices.

This bill permanently terminates the federal Hazardous Substance Superfund financing rate, an excise tax levied on crude oil and petroleum products. The change, effective retroactively to January 1, 2023, aims to reduce the cost component of fuel, potentially leading to lower prices at the gas pump for consumers. However, it also removes a dedicated funding source for cleaning up hazardous waste sites.
Key points
Eliminates the federal tax (Superfund financing rate) applied to crude oil and petroleum products, intended to reduce consumer fuel costs.
The tax termination is effective retroactively starting January 1, 2023.
The law also ends the authority for the Superfund to receive advances (loans) from the general Treasury funds for environmental cleanup purposes.
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Additional Information
Pay Less at the Pump Act
Print number: S 1942
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2023-06-13