The reason that oil profits are so high is because they have nowhere to reinvest the money. They can’t build new pipelines, they can’t drill, etc. So they diperse to their shareholders, many of whom are 401k employees.
If the tax is reduced, demand will raise fuel prices back to these levels. So the tax reduction must be accompanied by a repeal of the regulations that are hamstringing production.
More available oil will reduce the price of oil. Econ 101
Have you told Chuck Schumer that?