In CommitteeFiled May 13, 2026
Sponsor: Rep. Sherman, Brad [D-CA-32] (D)
Latest Action
Referred to the House Committee on Ways and Means.
May 13, 2026
Summary
The bill adds a new excise tax on each barrel of crude oil that sells for more than $75, targeting large producers and importers. The tax revenue is placed in a relief fund and returned to eligible U.S. individuals as a gasoline price rebate. It stays in effect until the President declares the Iran war over, the Strait of Hormuz fully reopened, and oil prices drop below $75 per barrel.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
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