Senator Ron Wyden has recently discussed his new effort to reduce fuel prices.
He unveiled his Taxing Big Oil Profiteers Act, which he says sends a message, adding this new legislation is different from previous attempts by Democrats to address this summer’s skyrocketing cost of gas and diesel.
“The tax is based on profit margins, not oil prices. Then, we close some accounting loopholes. For example, there’s one that allows big oil companies to game the value of their inventory. And then, we have a very significant stock buyback penalty,” Wyden said.
He says the legislation also aims to close a tax loophole, which he says big oil uses to hide inventory holdings.
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