American Families Gas Tax Relief Act

1) On May 13, 2026, Rep. Luna (R-FL) introduced HR8795, the American Families Gas Tax Relief Act, which would temporarily eliminate federal excise taxes on gasoline, diesel, and kerosene for 120 days (with a possible 90-day extension by the President). The bill was referred to the House Committee on Ways and Means, an early-stage procedural step. No further action has occurred. 2) The bill's funding mechanism is critical: Section 2(b) requires the Treasury to transfer from the general fund to the Highway Trust Fund and Leaking Underground Storage Tank Trust Fund amounts equal to the reduction in tax receipts. This means the tax holiday does not reduce infrastructure funding — it shifts the burden from fuel consumers to general taxpayers. For refiners and fuel distributors, the federal excise tax is a pass-through item collected from consumers and remitted to the government. Setting the rate to zero simply means they collect nothing and remit nothing; their per-unit revenue from fuel sales is unchanged. 3) Structural winners and losers: The bill is neutral for integrated oil refiners (, $CVX, , $VLO) because the tax is not a cost to them. Consumers benefit from lower pump prices (approximately 18.4 cents/gallon for gasoline, 24.4 cents for diesel), but the benefit is temporary and subject to competitive pass-through. The non-binding policy statement in Section 2(c) urging price reductions has no enforcement mechanism — it is a sense of Congress, not a mandate. 4) No real market data was provided for these tickers. The competitive landscape for refiners is driven by global crude prices, refining margins, and demand, not by temporary excise tax holidays. 5) Timeline: The bill is at the earliest stage — referred to committee. It must pass Ways and Means, then the full House, then the Senate (where it would need 60 votes to overcome a filibuster), then be signed by the President. Given the 119th Congress is in its second session and the bill has no co-sponsors or companion legislation, passage probability is low. Even if enacted, the 120-day window limits structural impact.