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Big Oil Windfall Profits Tax and Gasoline Rebates for Citizens

This act imposes a new tax on the excess profits of large oil companies during periods of high crude oil prices. The revenue collected will be returned directly to taxpayers as quarterly rebates to help offset the cost of gasoline.
Key points
A 50% tax on windfall profits for oil companies extracting and importing over 300,000 barrels per day.
Direct quarterly cash rebates for eligible individuals to help with high fuel prices.
Full rebates for individuals earning up to $75,000 or married couples earning up to $150,000 annually.
Establishment of a dedicated fund to ensure tax revenues are used specifically for consumer rebates.
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Status:
Introduced
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Additional Information
Big Oil Windfall Profits Tax Act
Print number: HR 7960
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2026-03-17
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3.1-pro-preview
Source data: api.congress.gov
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Summary & Status

Key Questions about Big Oil Windfall Profits Tax and Gasoline Rebates for Citizens

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 7960.

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 2026-03-17.

What are the main provisions?

Key points include:

  • A 50% tax on windfall profits for oil companies extracting and importing over 300,000 barrels per day.
  • Direct quarterly cash rebates for eligible individuals to help with high fuel prices.
  • Full rebates for individuals earning up to $75,000 or married couples earning up to $150,000 annually.
  • Establishment of a dedicated fund to ensure tax revenues are used specifically for consumer rebates.

What is the specific legal status?

The current status is Introduced.

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. Khanna, Ro [D-CA-17].

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 2026-04-23.

Analysis and Potential Impact of HR 7960

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

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