To amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for oil companies, to establish gas price rebates to individuals for 2022, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The People Over Petroleum Act eliminates multiple tax benefits and subsidies currently enjoyed by the oil and gas industry, including the enhanced oil recovery credit, percentage depletion allowances, intangible drilling cost deductions, and special passive loss exceptions. It also creates a gas price rebate for American taxpayers.
Who Benefits and How
American taxpayers receive a direct gas price rebate of $500 per adult ($1,000 for joint filers) plus $500 per dependent age 16+. The federal government gains additional tax revenue by closing industry-specific loopholes. Environmental advocates benefit from reduced incentives for fossil fuel extraction.
Who Bears the Burden and How
Oil and gas companies face significantly higher tax burdens through loss of multiple deductions and credits. Petroleum refineries lose LIFO accounting advantages. Companies operating overseas lose favorable foreign tax credit treatment. Small independent oil producers who relied heavily on percentage depletion will be particularly affected.
Key Provisions
- Repeals enhanced oil recovery credit and marginal well production credit
- Eliminates percentage depletion for oil and gas wells
- Extends amortization period for geological expenses from 24 months to 7 years
- Provides $500-$1,000 gas price rebate per eligible household
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Repeals numerous tax benefits and subsidies for the oil and gas industry and provides a gas price rebate to American taxpayers
Key Policy Areas
Taxation, Energy, Consumer Protection
Primary Purpose
Repeals numerous tax benefits and subsidies for the oil and gas industry and provides a gas price rebate to American taxpayers
Policy Domains
Oil & Gas Tax Benefit Repeals (Sections 2-12)
Identified Gains
Contextual inference, no direct clause citation- Federal government (increased tax revenue)
- Renewable energy companies (competitive parity)
- Environmental advocates
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Oil and gas extraction companies
- Petroleum refineries
- Independent oil producers
- Major integrated oil companies
Contextual inference, no direct clause citation
Gas Price Rebate (Section 13)
Identified Gains
Contextual inference, no direct clause citation- American taxpayers
- Families with dependents
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Federal budget
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
IntroducedMr. Casten (for himself, Mr. Blumenauer, Mr. Levin, and Mrs. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Enhanced oil recovery service companies, Independent oil and gas producers, Independent oil and gas producers operating marginal wells
American taxpayers with valid SSN, Eligible individual taxpayers, Families with dependents age 16+
IRS Tax Administration, Oil Spill Liability Trust Fund
Positive-direction: Oil Spill Liability Trust Fund
Negative-direction: IRS Tax Administration
High-income individuals investing in oil partnerships
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → Secretary of the Treasury
- "the_secretary"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
Any individual other than nonresident aliens, dependents of another taxpayer, or estates/trusts
5% or more of outstanding stock (corporations), 5% or more interest in profits/capital (partnerships), or 5% or more beneficial interest (estates/trusts)
A producer of crude oil with average daily worldwide production of at least 500,000 barrels, gross receipts over $1 billion, and average daily refinery runs exceeding 75,000 barrels
A person subject to a levy of a foreign country who also receives a specific economic benefit from that country
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology