This legislative proposal, titled the "Big Oil Windfall Profits Tax Act," aims to address high crude oil prices by imposing a new excise tax on large oil companies and rebating the collected revenue to individual taxpayers. It establishes a windfall profits excise tax of 50 percent on crude oil extracted or imported by companies whose average daily production or import exceeds 300,000 barrels. This tax applies when the average price of Brent crude oil in a calendar quarter surpasses the average price from 2025, adjusted for inflation. The bill creates a dedicated account called the "Protect Consumers from Gas Price Hikes Fund" within the Treasury. All revenues generated from the new windfall profits tax are to be deposited into this fund. The primary purpose of this fund is to finance a system of gasoline price rebates for eligible individual taxpayers. These rebates will be provided as a refundable tax credit, with the amount determined quarterly by the Secretary of the Treasury based on the total funds available and the number of eligible individuals. The credit is subject to income limitations, beginning to phase out for individuals with adjusted gross incomes above $75,000, heads of household above $112,500, and joint filers above $150,000. The legislation also includes provisions for outreach to ensure taxpayers are aware of their eligibility and for payments to U.S. possessions.