PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 27, 2006
Gas Price Reduction Act of 2006 - Amends the Internal Revenue Code to suspend the excise tax on gasoline, diesel fuel, and kerosene from enactment of this Act until October 1, 2006 (suspension period). Requires reimbursement to the Highway Trust Funds for revenues lost during the suspension period.
Expresses the sense of Congress that consumers should immediately benefit from the tax reductions under this Act.
Directs the Secretary of the Interior to: (1) suspend exemptions from payment of oil and natural gas royalties under federal leases (royalty relief) during any four-week period in which the average price of crude oil exceeds $50.00 per barrel and the average wellhead price of natural gas exceeds $6.25 per 1,000 cubic feet; and (2) renegotiate such leases to provide for a suspension of royalty relief when crude oil and natural gas prices exceed a certain level.
Showing the opening paragraphs of the official summary.
Suspends provisions of the Internal Revenue Code granting tax deductions for oil and gas development, mining exploration, and intangible drilling and development expenditures and a tax credit for producing fuel from nonconventional sources until the Highway Trust Fund has been reimbursed for revenues lost during the suspension period.
People & committees
Sen. Thune, John [R-SD] · R–SD
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S3637-3638)
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.
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