Schiff's New Bill Would Suspend The Gas Tax And Charge Oil Companies
Burbank Congressman Adam Schiff is calling for a suspension of the federal gas tax, which would save you about 18 cents a gallon.
"For consumers struggling to get by, every bit matters, but also it's important I think to take action against oil companies that are making record profits right now," he said.
Southern California gas prices keep setting records with the average price of a gallon of regular now well above $6 in Los Angeles and Orange counties.
I just introduced a bill to suspend the federal gas tax.— Adam Schiff (@RepAdamSchiff) May 31, 2022
To deliver savings for the millions of families struggling to get by.
We’ll pay for it with a tax on the excess profits of Big Oil companies.
It's time they paid their fair share - and you got a break at the pump.
Schiff introduced a bill that would put the federal gas tax on hold through the end of next year. To make up for the loss in funding to the Highway Trust Fund, the bill calls for a 50% tax on oil company profits, which have soared this year.
"It's not even saying they can't make more profit than they did pre-pandemic, he said, "but it is saying that they shouldn't be sticking it to the consumer and gouging people and making 300% more while we're suffering these gas prices."
A Republican National Committee spokesperson responded with a statement accusing California Democrats of taking too long to seek relief for drivers.