This legislation proposes to amend the Internal Revenue Code of 1986 by imposing a new windfall profits excise tax on crude oil. The primary purpose is to tax excessive profits made by large oil companies during periods of high oil prices and then return those funds directly to consumers. The tax applies to crude oil extracted within the United States or imported for consumption, use, or warehousing. The rate is set at 50 percent of the difference between the current average price of Brent crude oil and its average price during 2025, with an adjustment for inflation in subsequent years. This tax specifically targets "covered taxpayers," defined as companies that extracted or imported an average of more than 300,000 barrels of crude oil per day in 2025 or in the current calendar quarter. To ensure the collected revenue benefits individuals, the bill establishes a new mechanism for gasoline price rebates . These rebates will be issued as a refundable credit against income tax for eligible individuals, determined quarterly based on the total tax collected and the number of eligible recipients. Joint filers would receive 150% of the individual rebate amount. However, the credit is subject to income limitations, phasing out for individuals with adjusted gross incomes exceeding $75,000, heads of household over $112,500, and joint filers over $150,000. Non-resident aliens, dependents, and estates or trusts are not eligible for the rebate. A "Protect Consumers from Gas Hikes Fund" will be established in the Treasury to receive the windfall profits tax revenue and facilitate these rebate payments.