President could temporarily suspend certain federal fuel taxes during emergencies

The President could temporarily set specified federal fuel taxes to zero and suspend the related underground-tank financing tax. Relief would cover fuel transactions subject to the specified taxes during the suspension. The President must find an emergency causing or threatening major fuel supply problems or price increases in the United States. Only one suspension would be allowed per emergency. An extension would require a continuing emergency and written notice to Congress at least 15 days before the initial suspension ends. The President would choose the start date. Suspensions would last 60 days, extendable to 120 days total. Relief would cover only fuel transactions after enactment and on or before December 31, 2028.

Treasury would use general federal money to replace deposits lost because of the fuel tax suspension. The transfers would go to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund. Each fund would receive an amount equal to its lost deposits.