Just The News By Bethany Blankley
Democrats on a U.S. House subcommittee claimed that increased gas prices are because of American oil and gas companies “price gauging” and “war profiteering.” Such a claim is misguided at best, U.S. energy industry leaders responded.
The hearing this week of the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce came after U.S. senators led by Sen. Sheldon Whitehouse, D-RI, introduced a bill to further tax large oil companies to “curb profiteering … and provide Americans relief at the gas pump.”
The “Big Oil Windfall Profits Tax” bill would add a 50% per barrel tax on the difference between crude oil prices and the average between 2015 and 2019. Large oil companies that produced or imported at least 300,000 barrels per day in 2019 would be subject to the added tax…
