I 
112TH CONGRESS 
1ST SESSION H. R. 1347 
To combat international oil price fixing and to amend the Internal Revenue 
Code of 1986 to allow individuals a credit against income tax of at 
least $1,000 to offset high 2011 gasoline and diesel fuel prices. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 4, 2011 
Mr. CHABOT introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Foreign 
Affairs, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To combat international oil price fixing and to amend the 
Internal Revenue Code of 1986 to allow individuals a 
credit against income tax of at least $1,000 to offset 
high 2011 gasoline and diesel fuel prices. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Oil Price Reduction 
Act of 2011’’. 
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TITLE I—INTERNATIONAL OIL 
PRICE FIXING 
SEC. 101. PROHIBITION ON BILATERAL ASSISTANCE AND 
ARMS EXPORTS TO MAJOR OIL EXPORTING 
COUNTRIES ENGAGED IN PRICE FIXING. 
(a) PROHIBITION.—United States bilateral assistance 
and arms exports may not be provided to any country that 
is a major net oil exporter, including any country that is 
a member of OPEC, if the country is engaged in oil price 
fixing to the detriment of the United States economy. 
(b) WAIVER.—The President may waive the applica-
tion of subsection (a) with respect to a major oil exporting 
country if the President determines and certifies to Con-
gress that it is in the national security interests of the 
United States to do so. 
SEC. 102. DEFINITIONS. 
In this title: 
(1) OIL PRICE FIXING.—The term ‘‘oil price 
fixing’’ means participation in any agreement, ar-
rangement, or understanding with other countries 
that are oil exporters to increase the price of oil or 
natural gas by means of, inter alia, limiting oil or 
gas production or establishing minimum prices for 
oil or gas. 
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(2) OPEC.—The term ‘‘OPEC’’ means the Or-
ganization of Petroleum Exporting Countries. 
(3) UNITED
STATES
BILATERAL
ASSISTANCE 
AND ARMS EXPORTS.—The term ‘‘United States bi-
lateral assistance and arms exports’’ does not in-
clude humanitarian assistance. 
TITLE 
II—NONREFUNDABLE 
CREDIT TO OFFSET HIGH 2011 
GASOLINE AND DIESEL FUEL 
PRICES 
SEC. 201. CREDIT AGAINST INCOME TAX TO OFFSET HIGH 
2011 GASOLINE AND DIESEL FUEL PRICES. 
(a) IN GENERAL.—Subchapter B of chapter 65 of the 
Internal Revenue Code of 1986 (relating to abatements, 
credits, and refunds) is amended by adding at the end the 
following new section: 
‘‘SEC. 6433. NONREFUNDABLE CREDIT TO OFFSET HIGH 
2011 GASOLINE AND DIESEL FUEL PRICES. 
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an eli-
gible individual, there shall be allowed as a credit against 
the tax imposed by chapter 1 for the taxpayer’s last tax-
able year ending in 2011 the amount of $1,000 ($2,000 
in the case of a joint return). 
‘‘(b) DEFINITIONS.—For purposes of this section— 
‘‘(1) ELIGIBLE INDIVIDUAL.— 
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lowed under this section shall be treated as a credit allow-
able under subpart A of part IV of subchapter A of chap-
ter 1.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for such subchapter B is amended by adding at the end 
the following new item: 
‘‘Sec. 6433. Nonrefundable credit to offset high 2011 gasoline and diesel fuel 
prices.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending during 
2011. 
Æ 
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