Wyden: More Must Be Done To Address High Fuel Prices
Oregon senator Ron Wyden is speaking out against “Big Oil.” He said he’s angry about “war profiteering”.
“Big oil is charging far more for the same gallon of gas than they were doing, for example, in other times when we had big economic challenges.”
Wyden went on to add the major oil companies are taking advantage of American drivers.
“The big oil guys are using the actions of Russia and Saudis to basically hide behind their profiteering. And our government, in my view, used to take war profiteers seriously."
Wyden’s proposed what he calls the Big Oil Tax Fairness Act, which would tax stock buy-backs, get rid of accounting practices that he said hide profits, and impose a surcharge on profits over 10% unless that money is used to increase production and efficiency.
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