MEDFORD, Or. – U.S. Senator Ron Wyden was in the Rogue Valley Thursday to talk about his “Taxing Big Oil Profiteers Act.”
Senator Wyden said his bill will help lower gas prices for all Oregonians by cracking down on oil company profiteering.
The bill will apply a 21% tax on the extra profits of oil and gas companies that make more than $1 billion in annual revenue.
Wyden said by taxing profit margins instead of oil prices, the approach is fresh and market-oriented.
“This is not the sole answer, but it would send a very powerful message at a uniquely challenging time as we come out of Covid and deal with supply chain issues,” Wyden said.
The bill would also close a loophole that he says allows big oil companies to understate their actual profits.
Senator Wyden said action is needed now because of how much gas prices have gone up this year.