S. 1026 is a rule that wants to make sure gooey stuff called tar sands is treated like regular oil in a special tax rule, so people who use it will pay the same taxes as those who use normal oil. It also lets a big boss decide if other types of oil should be taxed if they're bad for the environment.

The bill is like a rule that says people from the U.S. have to be careful and let the government know if they want to spend money on special tech in China because it might be dangerous. The person in charge of money in the U.S. can say no to spending on certain things and make sure everyone follows the rules, and if they don't, they might have to pay a lot of money as a punishment.