Levy duty on all imported crude oil to bring the price to $75 per bbl. and allocate the duty to the Highway Trust Fund.

Crude oil prices have fallen by 50% to around $50 per barrel. The low crude price has significantly reduced domestic drilling activity and led to industry layoffs. At the same time, Congress is grappling with finding ways to keep the Highway Trust Fund afloat to finance critical infrastructure, and the Federal Reserve is concerned over persistently low inflation. Levying a duty on imported crude oil to bring the net price to $75 per barrel would address all of these issues. It would serve to support domestic drilling boosting employment, provide a new source of funding for transportation infrastructure, and lessen the probability of price deflation. It is a win-win-win and should be implemented immediately.