Bill Overview
Title: People Over Petroleum Act
Description: This bill repeals or limits certain fossil fuel subsidies for large oil companies. It also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year. The bill allows advance payments of the rebate and requires taxpayers to provide a Social Security account number on their tax returns.
Sponsors: Rep. McEachin, A. Donald [D-VA-4]
Target Audience
Population: Individuals impacted by fossil fuel subsidy reforms and eligible U.S. taxpayers
Estimated Size: 160000000
- The bill primarily targets large oil companies by repealing or limiting certain fossil fuel subsidies. This implies that stakeholders involved in the fossil fuel industry, especially large corporations, will be affected.
- Individual taxpayers stand to benefit from the tax rebate, which is set as $500 for single filers and $1,000 for joint filers, with additional payouts for certain dependents.
- Families with dependents who have attained the age of 16 by the end of the tax year 2022 will potentially receive larger rebates.
- The bill impacts U.S. taxpayers, prompting them to potentially receive financial relief if they qualify for the rebate, thus boosting their disposable income in response to high gas prices of 2022.
- The required Social Security account number ensures that this rebate is specifically for taxpayers filing in the U.S. under confirmed identities.
Reasoning
- The 'People Over Petroleum Act' has a dual impact: it removes subsidies from large oil companies affecting those industries negatively, and it provides direct financial benefits to eligible taxpayers, potentially increasing their wellbeing.
- The policy specifically targets U.S. taxpayers, especially those with dependents 16 or older, who stand to gain more from the rebate.
- The constraints of the policy, including budget limitations, suggest that not all eligible individuals might feel significant impacts due to the broad distribution of the rebate among many households.
- This policy is particularly relevant to middle-income families and individuals who may be more sensitive to changes in their financial circumstances due to the rebate.
Simulated Interviews
Oil Industry Engineer (Houston, TX)
Age: 36 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- The repeal of fossil fuel subsidies might impact my job security as the company might cut costs.
- The rebate doesn't apply much to me as my kids are under 16, but any additional income would be helpful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 5 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 7 |
| Year 20 | 7 | 7 |
Small Business Owner (Bismarck, ND)
Age: 55 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 6/20
Statement of Opinion:
- Reduction in subsidies could lead to more stable pricing in the long-term, which is good for planning.
- The rebate helps offset some of the personal financial strains experienced recently.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Software Developer (Seattle, WA)
Age: 28 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- I don't see a direct impact on me as much as on families with dependents.
- I support reducing subsidies on fossil fuels as it aligns with my values.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Teacher (Los Angeles, CA)
Age: 43 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- The extra funds from the rebate help manage the budget, especially with a teenage driver in the household.
- I'm in favor of reducing dependency on fossil fuels.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Retired (Orlando, FL)
Age: 65 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- I won't directly benefit from the tax rebate as I don't have dependents.
- I worry about the impact on the economy affecting my retirement funds.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Freelance Writer (New York, NY)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- The rebate provides a welcome financial cushion amidst rising living costs.
- The environmental impact of the policy feels like a positive shift.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Accountant (Chicago, IL)
Age: 47 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- The rebate allows us to afford better utilities and education for the children.
- Concerned about long-term economic changes affecting job demand.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Nurse (Des Moines, IA)
Age: 62 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 9/20
Statement of Opinion:
- Any reduction in subsidies might raise fuel prices which affects commuting cost.
- I don't have dependents, so the rebate isn't applicable to me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 5 | 6 |
| Year 5 | 5 | 6 |
| Year 10 | 5 | 6 |
| Year 20 | 6 | 6 |
Environmental Scientist (Denver, CO)
Age: 40 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- Happy about the potential environmental benefits over time.
- The rebate is a nice bonus that can support community initiatives I'm involved with.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Public Transport Worker (Portland, OR)
Age: 50 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 6.0 years
Commonness: 8/20
Statement of Opinion:
- The rebate eases some financial pressure given the size of our household.
- I'm supportive of policies pushing towards greener energy sources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $150000000000 (Low: $140000000000, High: $160000000000)
Year 2: $0 (Low: $0, High: $0)
Year 3: $0 (Low: $0, High: $0)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The rebate is a one-time financial relief which is different from annual recurring expenses.
- Industry subsidies repeal could influence the U.S.'s energy independence and investments in renewable sectors.
- Long-term environmental benefits may arise from reducing dependency on fossil fuels through economic disincentives.