{"id":3714,"date":"2026-07-22T21:07:38","date_gmt":"2026-07-22T21:07:38","guid":{"rendered":"https:\/\/hometransferguide.com\/?p=3714"},"modified":"2026-07-22T21:07:38","modified_gmt":"2026-07-22T21:07:38","slug":"democrat-push-to-hike-taxes-on-energy-companies-will-help-no-one-analysts-warn","status":"publish","type":"post","link":"https:\/\/hometransferguide.com\/?p=3714","title":{"rendered":"Democrat Push To Hike Taxes On Energy Companies Will Help No One, Analysts Warn"},"content":{"rendered":"
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Oil industry advocates are blasting Democratic proposals to hike taxes on major oil companies, arguing that they would punish shareholders without lowering fuel prices. <\/p>\n

Pro-oil advocates say congressional Democrats\u2019 recent legislative push would punish investors in oil and gas companies without providing relief at the pump. Instead, they argue the higher tax burden would discourage domestic production, weaken long-term investment and make energy more expensive for American consumers.<\/p>\n

\u201cWindfall profits taxes don\u2019t lower prices for consumers. We\u2019ve seen this policy before\u2014it deterred investment and reduced production,\u201dAmerican Petroleum Institute (API) spokesperson Andrea Woods told the Daily Caller News Foundation. \u201cThis is a cyclical industry, and targeting earnings in stronger periods undermines the long-term investment needed to keep energy reliable and affordable over time.\u201d<\/p>\n

Democratic Rhode Island Sen. Sheldon Whitehouse, unveiled the \u201cBig Oil Windfall Profits Tax Act\u201d in March. The legislation seeks to drastically hike the federal excise tax on stock buybacks by large oil and gas companies from 1% to 25%, with its proponents claiming the industry should not use profits from surging oil prices during the Iran war to reward shareholders. <\/p>\n

Whitehouse did not immediately respond to the DCNF\u2019s request for comment.<\/p>\n

\u201cThe United States already has a \u2018windfall profits tax\u2019 in the form of its corporate income tax, which applies to company profits calculated as revenues minus costs. As a result, when high oil prices drive up oil companies\u2019 profits, those companies automatically pay more in taxes because the tax is proportional to profit levels,\u201d Alex Stevens, manager of policy and communications of the American Energy Alliance told DCNF.<\/p>\n

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\u201cAs we saw in past experiences with oil-specific \u2018windfall\u2019 taxes , layering a new tax on top of existing ones will discourage new domestic production. That outcome is in line with Senator Whitehouse\u2019s longstanding focus on punishing domestic oil producers at every turn, but will ultimately undermine the long-term goal of protecting consumers, ensuring market competition, and lowering prices,\u201d he added.<\/p>\n

Stevens concluded that these poor oil prices are a need for increase of supply \u2014 and that lawmakers should reexamine policies that increase pricing and disincentivize production.<\/p>\n

Read more Florida Pharmacist Found Guilty Of Selling Boatloads Of Opioids, Pocketing The Cash<\/a><\/p>\n

\u201cThe rate of tax imposed by this section on any barrel of taxable crude oil for any calendar quarter is the product of 50 percent, and the excess (if any) of the average price of a barrel of Brent crude oil over the covered calendar quarter, over the average price of a barrel of Brent crude oil over the period beginning on January 1, 2025, and ending on December 31, 2025,\u201d Whitehouse\u2019s bill reads. <\/p>\n

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The Rhode Island Democrat is not the only member of his party seeking to hit oil companies with massive taxes following the outbreak of the conflict in Iran.<\/p>\n

\u201cEverything about Trump\u2019s war in Iran is a disaster, and there\u2019s no way we can allow big oil and gas companies to turn the extraordinary financial pain many drivers are feeling into another big payday for their wealthy shareholders,\u201d Democratic Oregon Sen. Ron Wyden said via a May press release touting his Taxing Buybacks from Big Oil Windfalls Act. (RELATED: House Moves To Unlock Largely Untapped Power Source Lurking Deep Inside Earth)<\/strong><\/p>\n

The Center for Strategic and International Studies (CSIS), also agrees that hurting exports could \u201cbackfire.\u201d<\/p>\n

\u201cThe political temptation to slash U.S. oil exports amid high fuel prices is understandable, but likely to backfire in practice,\u201d Clayton Seigle, Senior Associate (non-resident) of CSIS wrote on June 5.<\/p>\n

\u201cWhether imposed on crude oil, refined products, or both, export controls would not bring sustained fuel price relief. Instead, they could unleash a set of structural and geopolitical problems that could make the underlying energy affordability situation worse,\u201d Segile added.<\/p>\n

Read more Austria Refuses To Demolish Hitler\u2019s Home, Hands It Over To Cops Instead<\/a><\/p>\n

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Read more KRIKORIAN: H-1B Fraud Is Bad \u2014 What\u2019s Legal Is Even Worse<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil industry advocates are blasting Democrats\u2019 proposals to hike taxes on oil companies, arguing they would not lower fuel prices.<\/p>\n","protected":false},"author":1,"featured_media":3713,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3427,502,3428],"class_list":["post-3714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting","tag-big-oil","tag-energy","tag-excise-tax"],"yoast_head":"\nDemocrat Push To Hike Taxes On Energy Companies Will Help No One, Analysts Warn - Home Transfer Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hometransferguide.com\/?p=3714\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democrat Push To Hike Taxes On Energy Companies Will Help No One, Analysts Warn - 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