text: SECTION 1. EXCISE TAX ON IMPORTED CRUDE OIL AND REFINED PETROLEUM 
                PRODUCTS.
  
      (a) In General.--Subtitle E of the Internal Revenue Code of 1986 
  (relating to alcohol, tobacco, and certain other excise taxes) is 
  amended by adding at the end thereof the following new chapter:
  
      ``CHAPTER 55--IMPORTED CRUDE OIL AND REFINED PETROLEUM PRODUCTS
  
                                ``Sec. 5885. Imposition of tax.
                                ``Sec. 5886. Average international price.
                                ``Sec. 5887. Definitions and special 
                                          rules.
                                ``Sec. 5888. Registration.
  
  ``SEC. 5885. IMPOSITION OF TAX.
  
      ``(a) General Rule.--If the average international price of crude 
  oil for any 4-week period is less than $24, then there is hereby 
  imposed an excise tax on any petroleum product entered into the United 
  States for use, consumption, or warehousing during the week following 
  such 4-week period.
      ``(b) Amount of Tax.--
              ``(1) In general.--The amount of tax imposed by subsection 
          (a) with respect to any barrel shall be equal to the excess 
          of--
                      ``(A) $24, over
                      ``(B) the average international price of crude oil 
                  for the preceding 4-week period.
              ``(2) Fractional part of barrel.--In the case of a fraction 
          of a barrel, the tax imposed by subsection (a) shall be the 
          same fraction of the amount of such tax imposed on a whole 
          barrel.
      ``(c) Time Tax Is Imposed.--
              ``(1) In general.--The tax imposed by subsection (a) shall 
          be on the first sale within the United States of the petroleum 
          product.
              ``(2) Tax on certain uses.--If--
                      ``(A) any petroleum product entered into the United 
                  States is used within the United States, and
                      ``(B) before such use, no tax was imposed under 
                  subsection (a),
          then the tax imposed by subsection (a) shall be on such use.
      ``(d) Liability for Payment of Tax.--
              ``(1) Sales.--The tax imposed on the first sale described 
          in subsection (c)(1) shall be paid by the seller thereof.
              ``(2) Use.--The tax imposed on any use described in 
          subsection (c)(2) shall be paid by the person using the 
          petroleum product.
  
  ``SEC. 5886. AVERAGE INTERNATIONAL PRICE.
  
      ``(a) In General.--For purposes of this subchapter, the average 
  international price of crude oil for any 4-week period shall be the 
  average of the weighted average price per barrel of crude oil for each 
  week in such period, as estimated and published in the Weekly Petroleum 
  Status Report prepared by the Secretary of Energy or his delegate.
      ``(b) Publication.--The Secretary shall publish for each week the 
  average international price determined under subsection (a) for the 
  preceding 4-week period.
  
  ``SEC. 5887. DEFINITIONS AND SPECIAL RULES.
  
      ``(a) Definitions.--For purposes of this chapter--
              ``(1) Crude oil.--The term `crude oil' includes crude oil 
          condensates and natural gasoline but does not include domestic 
          crude oil (within the meaning of section 4612(a)(2)).
              ``(2) Barrel.--The term `barrel' means 42 United States 
          gallons.
              ``(3) Export.--The term `export' includes shipment to a 
          possession of the United States.
              ``(4) Petroleum product.--The term `petroleum product' 
          includes--
                      ``(A) crude oil, and
                      ``(B) refined oil, fuels, and chemical feedstocks 
                  which are refined or derived from crude oil.
      ``(b) Tax-Free Exports.--
              ``(1) In general.--Under regulations prescribed by the 
          Secretary, no tax shall be imposed under this chapter on the 
          sale of any petroleum product for export or for resale by the 
          purchaser to a second purchaser for export.
              ``(2) Proof of export.--Where any petroleum product has 
          been sold free of tax under paragraph (1), such paragraph shall 
          cease to apply with respect to the sale of such petroleum 
          product unless, within the 6-month period which begins on the 
          date of the sale, the seller receives proof that the petroleum 
          product has been exported.
  
  ``SEC. 5888. REGISTRATION.
  
      ``Every person subject to tax under section 5885 shall register 
  with the Secretary at such time and in such manner as the Secretary may 
  prescribe.''
      (b) Conforming Amendment.--The table of chapters for subtitle E of 
  such Code is amended by adding at the end thereof the following new 
  item:
  
                                ``Chapter 55. Imported crude oil and 
                                          refined petroleum products.''
      (c) Deductibility of Imported Crude Oil Tax.--The first sentence of 
  section 164(a) of such Code (relating to deductions for taxes) is 
  amended by inserting after paragraph (5) the following new paragraph:
              ``(6) The tax on imported petroleum products imposed by 
          section 5885.''
      (d) Effective Date.--The amendments made by this section shall 
  apply with respect to sales of imported crude oil and imported refined 
  petroleum products in calendar quarters beginning more than 30 days 
  after the date of the enactment of this Act.
target: Amends the Internal Revenue Code to establish a fee on crude oil and refined petroleum products imported into the United States, other than oil or products purchased for export.  Imposes the fee during any week following a four-week period when the average international price of crude oil has been less than $24 per barrel. Bases the fee on the difference between $24 per barrel and the average international price of a barrel of crude oil.
feat_title: To amend the Internal Revenue Code of 1986 to impose a tax on the importation of crude oil and refined petroleum products.