The proposal, which comes as Russia's war on Ukraine delivers a shock to global energy prices, is called the "Big Oil Windfall Profits Tax." According to Khanna, D-Calif., and Whitehouse, D-R.I., thewould levy a tax on oil barrels sold by large producers "equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019.
"This is a bill to reduce gas prices and hold Big Oil accountable. As Russia’s invasion of Ukraine sends gas prices soaring, fossil fuel companies are raking in record profits," Khanna said. "These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump."
Sen. Sheldon Whitehouse, D-R.I., speaks during the confirmation hearing for Supreme Court nominee Amy Coney Barrett before the Senate Judiciary Committee, Tuesday, Oct. 13, 2020, on Capitol Hill in Washington. Energy industry representatives, however, are pushing back against the proposal, arguing that it may have the exact opposite of its intended effect.
Oil well equipment on the Forth Berthold Indian Reservation near New Town, N.D. MHA Nation produces about a quarter of North Dakota's annual oil output.
The spike is pure greed. Oul prices have tanked yet gas prices continue to climb. Furthermore, they receive taxpayer subsidies! Hell yes! Give us back our damn money!
Great news since no oil company gives a rats ass about anyone. Corporate greed needs to be taxed. Heavily.
Based.
Ya'll are the most trifling people on earth 🌎
I hope they rip the oil companies open and take every last dime they have and then Nationalize oil and tell Exxon and the Koch's to go to hell they're out of business permanently, take all this country's energy needs out of the hands of corporations,NATIONALIZE ENERGY, NOW
Good, they’re taking advantage of the global situation and creating an artificial shortage. This is an example of capitalism without conscience
It's too bad GOPLeader, Sen_JoeManchin and the GOP will vote against it. Oil companies have them bought and paid for.
Raising taxes on gas will lower the price? How dumb are Democrats? BidenGasHike
Sounds good to me. They've been stealing from the American public since the industry started.
I have a plan pass a bill to give free gas for a year to ppl who make under $400k
while they're at it, TAX Universities excessive profits to pay back Student Loan lenders that got suckered into over lending to students into paying excessive tuition and fees to the Universities
More madness. Tax the poor to feed the rich. And they’re always talking about how the rich gay all these benefits. They’re the ones giving them the benefits. Like big pharmaceutical companies get record profits from the COVID 19 vaccine. COVID that Fauci help fund it’s creation.
Are you trying to say this is a bad idea? Seems smart to me...
So what Sarah Palin did in Alaska to get 80% approval rating and selected by McCain for VP, good idea.
Republicans are totally fine with the price gouging going on right now in regards to gas prices. Hell, Republican politicians are out here sounding like oil company lobbyists with every tweet. As soon as Ukraine happened they all got their marching orders from Big Oil.
here are my naked photos
American on the other hand push to check Dems and end the price spike.
Good!
That will help oil shortages and prices! Stupid Democrats😡