Energy Prospectus

Biden hates the red states and average Americans

Bloomberg reported that the climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost the oil industry $25 billion in new taxes. The legislation, which may get a Senate vote as soon as next week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon, according to a summary of the plan released Sunday by the Senate’s tax-writing committee. > Why would you tax imports when you are short diesel???

Working like the devil to lower prices, eh. He must not like the 60 cent drop in retail since July 4

Thinking out loud, wouldn't this increase the margin of US refiners as competition to their output is 16 cents more expensive...long refineries

The refiners are the ones importing the oil. They would be paying that new tax, which will be passed on to consumers.

All taxes on corporations are passed on to consumers.