Gas prices are at an all-time high — more than doubling since election day 2020. The price of regular gas is hovering around $4.35 per gal...
Gas prices are at an all-time high — more than doubling since election day 2020.
The price of regular gas is hovering around $4.35 per gallon.
In response to these record prices, Democrats want to tax oil companies.
Of course, they do.
They really hate their country.
Bloomberg reported:
Senators Sheldon Whitehouse and Elizabeth Warren say they’re working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions.
“Big Oil’s first priority is to maximize profits,” Warren, a Massachusetts Democrat, tweeted on Wednesday. “We can’t let them use Putin’s invasion as an excuse to pad their bottom line with war-fueled profits,” she said, referring to Russian President Vladimir Putin’s invasion of Ukraine. “So I’m working with Senate Democrats on a windfall-profits tax.”
Oil companies are enjoying their biggest windfalls in more than a decade as crude prices hit levels not seen in more than 13 years. Even before the invasion of Ukraine, oil had rallied amid a recovery in global demand and tight inventories — sparking a cash bonanza for U.S. producers and fueling dividend increases and further stock buybacks.
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