Democrat’s plan to reinstate a 27-year-old fee on oil imports represents a violation of a pledge by President Joe Biden not to raise taxes on anyone making less than $400,000 per year, according to the conservative Americans for Tax Reform.
The proposal to levy a 16.4-cents-per-barrel tax on crude oil and other imported petroleum products is included in the $433 billion tax and climate bill that could see a Senate vote this week. The tax “will be paid by consumers in the form of higher gas and energy costs,” the Washington-based group said in a statement Monday. The group also noted that it’s been only a matter of weeks since gasoline prices were at a record high.
The Superfund tax would be used to help pay for the clean-up of hazardous waste sites. The levy, which previously stood at 9.7 cents per barrel until it lapsed at the end of 1995, would be indexed to inflation under the plan announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin. It could raise almost $12 billion, according to a congressional estimate.
The White House didn’t immediately respond to a request for comment.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
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