Gas Prices Relief Act of 2026

Summary#

This bill would temporarily set the federal excise tax on gasoline to zero for gasoline removed, entered, or sold on or after the date the bill becomes law and before October 1, 2026. It also suspends the separate Leaking Underground Storage Tank financing rate for that gasoline during the same period. The Secretary of the Treasury must transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund equal to the amounts those funds would have received but for the tax reduction. The bill states that consumers should immediately receive the benefit of the tax reduction, directs transportation fuel producers and dealers to reduce prices to reflect the reduction, and says dealers who fail to pass the reduction on should face monetary penalties. The Secretary of the Treasury is directed to use applicable authorities to enforce that consumers receive the benefit.

What it means for you#

  • If this becomes law, the federal excise tax portion of the price of gasoline would be set to zero for sales from the enactment date through September 30, 2026.
  • The bill expresses a policy that fuel producers and dealers should lower pump prices to pass the tax reduction to consumers and says penalties apply to those who do not.
  • The Treasury is tasked with enforcing the requirement that consumers receive the benefit.

Expenses#

  • The bill requires the Secretary of the Treasury to transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund equal to the lost receipts caused by the tax reduction.
  • No publicly available information on estimated dollar amounts or overall cost is provided in the bill text or metadata.

Proponents' View#

  • The bill states it is Congress's policy that consumers should immediately receive the benefit of the tax reduction, that fuel producers and dealers should take actions to reduce prices, and that monetary penalties should apply to those who fail to pass along the reduction.

Opponents' View#

No publicly available information.