Risch, Barrasso lead effort to lower prices at the pump

WASHINGTON, D.C. (KIFI) – U.S. Senators Jim Risch (R-Idaho) and John Barrasso (R-Wyo.) introduced legislation to lower energy prices for American families by repealing the $10.5 billion “Superfund Tax” on American energy production last week.

“President Biden’s vendetta against fossil fuels continues to cost Idahoans more every day,” Risch said. “Last year the president revived an expensive excise tax on crude and imported petroleum, forcing Americans to subsidize the radical green agenda every time they fill up their gas tank. The Pay Less at the Pump Act will eliminate this reckless tax and unnecessary cost to families and small businesses.”

The bicameral Pay Less at the Pump Act will repeal the “Superfund Tax” on crude oil and imported petroleum products that was reinstated in the Democrats’ reckless tax and spend bill. 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.

Cosponsors of this legislation include 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), Tim Scott (R-S.C.), and John Hoeven (R-N.D.).

This bill has received support from the American Fuel and Petrochemical Manufacturers, and the American Petroleum Institute.

Full text of the legislation can be found below.