A bill to amend the Internal Revenue Code of 1954 to impose a tax on the importation of crude oil and refined petroleum products.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose an excise tax on: (1) the first sale within the United States of any crude oil or any refined petroleum product imported into the United States; and (2) the use within the United States of any crude oil or any refined petroleum product imported into the United States if no such tax has been imposed prior to such use. Exempts from such tax: (1) crude oil or refined petroleum products purchased for export; and (2) process fuels, liquid natural gas, heating oil for household use or residual fuel oil and topped crude oil imported for further refining. Sets the rate of such tax as the difference between $22 per barrel and the average world price of crude oil per barrel.…