A bill to increase the tariff on petroleum used for motor fuel.

[AI summary unavailable — showing source text] Amends the Tariff Schedules of the United States to increase the duties on certain petroleum products imported into the United States (by specified amount plus the applicable offset amount per barrel). Defines "applicable offset amount." Requires the Secretary of the Treasury to refund the applicable offset amount if the petroleum product on which such duty was paid: (1) was used as heating fuel or in the production of heating fuel; or (2) is necessary to the manufacturing process for products destined for export. Provides that revenues from the increased duties imposed by this Act shall be allocated to the Petroleum Tariff Account. Authorizes and directs the Secretary of the Treasury to pay out of such account any refunds which are allowed under this Act. Expresses the sense of the Congress that any funds in such account that are not needed to make such refunds should be used to reduce the Federal budget deficit.…