Energy Security Tax Act of 1989
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Energy Security Tax Act of 1989 - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of imports of: (1) crude oil; (2) refined petroleum products; and (3) petrochemical feedstocks or petrochemical derivatives.
Sets the rate of the tax as the difference between $22 per barrel ($24.50 for petroleum and petrochemical products) and the most recently published average price of a barrel of internationally traded oil, as determined by the Secretary of the Treasury in accordance with a specified formula.
Referred to the House Committee on Ways and Means.
- Introduced in House Formatted Text
Cite this page
U.S. Congress. (2026). H.R. 659: Energy Security Tax Act of 1989. 101st Congress. Open America. https://openamerica.io/bill/101-HR-659/
"H.R. 659: Energy Security Tax Act of 1989." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-HR-659/.
H.R. 659, 101st Cong. (2026), https://openamerica.io/bill/101-HR-659/.
[H.R. 659: Energy Security Tax Act of 1989](https://openamerica.io/bill/101-HR-659/)