In this day and age of the push for electric vehicles, you seldom hear of change for gas powered rides. However, some congressional members are pushing for change in the cost of fuel,among other energy sources. U.S. Senators Marsha Blackburn (R-Tenn.), John Barrasso (R-Wyo.), and seven other Republican Senators introduced legislation to lower energy prices for American families by repealing the $10.5 billion “Superfund Tax” on American energy production.
Independence Day is around the corner, and with Americans traveling to see family and friends, they shouldn’t have to face sky-high prices at the pump. With inflation at 4%, Tennesseans are being hit hard every time they go to the pump and pay their energy bills. The average price of a gallon of gas in Tennessee is $3.11 for regular and $3.61 for diesel. These inflated prices are partly the result of the “Superfund Tax.” It’s time to repeal this onerous tax, unleash American energy, and slash energy prices.
The “Superfund Tax” was reinstated as part of the Inflation Reduction Act (IRA). While the IRA was purportedly passed to lower inflation at a time of record high prices, the bill included this burdensome tax on crude oil and imported petroleum products. This tax was implemented despite the fact that the cost of producing and moving goods, which is closely connected to diesel prices, drove a huge amount of inflation. The “Superfund Tax” is a prime example of the Biden administration exacerbating a problem rather than solving it.
The bicameral Pay Less at the Pump Act (S. 1942) will repeal the “Superfund Tax.” This tax leads to higher prices for families and businesses. Upon reinstatement of the long-expired tax, the tax was raised from its original 9.7 cents per barrel to a new rate of 16.4 cents per barrel. Additionally, the tax was indexed to inflation, meaning higher tax burdens in future years.
“As part of their radical green energy agenda, Democrats are intent on hampering American energy production, and everyday Tennesseans are feeling the impact at the pump,” said Senator Blackburn. “It’s time we repeal the “Superfund Tax” and allow families and businesses in Tennessee to flourish without having to pay crushing taxes. With many Tennessee families traveling for the 4th of July, it is essential that gas prices won’t break the bank. The Pay Less at the Pump Act will allow companies to produce American energy unencumbered and keep prices low for the American people.”
“Hardworking families in Wyoming are paying the price for the Democrats’ war on American energy. Across the country, Americans are feeling the pain every time they go to fill up their gas tanks,” said Senator Barrasso. “Reckless and out-of-touch taxes like this make already skyrocketing energy costs even higher, at a time when Americans can least afford it. We must repeal this tax and put forward proposals that unleash American energy and lower costs for Wyoming families.”
Cosponsors of this legislation include U.S. Senators John Thune (R-S.D.), Cynthia Lummis (R-Wyo.), James Lankford (R-Okla.), Jim Risch (R-Idaho), Mike Lee (R-Utah), Tim Scott (R-S.C.), and John Hoeven (R-N.D.). U.S. Congressman Mike Carey (R-Ohio) introduced companion legislation in the U.S. House of Representatives.
This bill has received support from the American Fuel Petrochemical Manufacturers, and the American Petroleum Institute, and the Petroleum Association of Wyoming.