Hoeven Helps Introduce Legislation to Repeal Costly Energy Tax, Bring Down Prices at The Pump
Senators' Bill Would Repeal Superfund Tax That Was Reinstated & Increased By Democrats’ Tax-and-Spend Legislation
WASHINGTON – Senator John Hoeven this week helped introduce the Pay Less at the Pump Act, legislation sponsored by Senator John Barrasso (R-Wyo.) to lower energy prices for American families by repealing the $10.5 billion “Superfund Tax” on American energy production. This long-expired tax on crude oil and imported petroleum products was reinstated in the Democrats’ reckless tax and spend bill and raised from 9.7 cents per barrel to 16.4 cents per barrel. Reinstating the tax not only leads to higher prices for families and businesses today, but it was also indexed to inflation, which will result in an even higher tax burden in future years.
“The cost of energy is built into the price of every good and service that we consume, so by reinstating and increasing a decades-old tax on crude oil, the Biden administration and Congressional Democrats are directly causing higher inflation for every American home and business,” said Senator Hoeven. “Repealing this costly Superfund Tax is one important step we can take to push back on President Biden’s harmful agenda, support American energy security and help bring down prices at the pump.”
“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.”
In addition to Hoeven and Barrasso, this legislation is cosponsored by U.S. Senators John Thune (R-S.D.), Cynthia Lummis (R-Wyo.), Marsha Blackburn (R-Tenn.), James Lankford (R-Okla.), Jim Risch (R-Idaho), Mike Lee (R-Utah) and Tim Scott (R-S.C.). U.S. Congressman Mike Carey (R-Ohio) introduced companion legislation in the U.S. House of Representatives. Full text of the legislation can be found here.
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