Wyden Rolls Out Plan To Lower Fuel Prices
On Monday, Oregon Senator Ron Wyden met with a local farmer, student and nonprofit organizer in Bend discussing his new effort to reduce fuel prices. Last week, Wyden unveiled his “Taxing Big Oil Profiteers Act”, and he said it sends a message.
“For example, in Central Oregon, who do you care about? Do you care about the farmer? Do you care about mill owners in Central and Eastern Oregon and moms trying to afford gas to take their kid to childcare? Or do you want to see money just sent to wealthy executives for stock buybacks?”
Oregon’s senior senator says this new legislation is different from previous attempts by Democrats to address the issue of high fuel prices.
“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 the legislation also aims to close a tax loophole he says “big oil” uses to hide inventory holdings.
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