WASHINGTON (NEXSTAR) — A group of Democrats says big oil companies are enjoying their biggest windfall in more than a decade, as gas prices skyrocket.
U.S. Sen. Sheldon Whitehouse (D-R.I.) and other Democrats are pushing legislation to stop big oil companies from profiting from the crisis in Ukraine.
“This is a price increase of choice on the part of the big oil companies,” Whitehouse said.
“It is from those companies and corporates executives that are profiteering,” Sen. Richard Blumenthal (D-Conn.) said.
The legislation would require large oil companies to pay a tax on each barrel of oil they produce or import.
“Instead of drilling oil wells, these big oil executives are drilling for oil wealth,” Sen. Ed Markey (D-Mass.) said.
Smaller oil companies would not have to pay the tax and would help keep prices down.
The revenue raised from the tax would be sent directly to Americans. Anyone making less than $75,000 would get a check for the maximum amount.
“240 bucks back in their pocket, or more,” Blumenthal said.
“I think it’s crazy,” Sen. Josh Hawley (R-Mo.) said.
Hawley criticizes this proposal and believes the focus should be on making the U.S. energy independent.
“We should be opening up American energy production. Let American workers get back to work on our pipeline, our rigs and our wells,” Hawley said.
Frank Macchiarola with the American Petroleum Institute believes increasing taxes on gas companies is the wrong solution.
“What we need to be doing is incentivizing production, getting more supply into the marketplace for the American people,” Macchiarola said.
The bill is sure to face an uphill battle in the Senate.