Oil Sector Girds for Possible Windfall Tax
Rigzone · Ari Natter, Jennifer A. Dlouhy ·
The oil industry is bracing for Democrats to use their newfound political muscle to push for a deal with President Donald Trump and impose a windfall tax.
The oil industry is bracing for Democrats to use their newfound political muscle to push for a deal with President Donald Trump and impose a windfall tax on surging crude profits.
Democrats already have proposed legislation to make companies compensate consumers for high fuel prices. Now oil industry executives — and their lobbyists in Washington — are concerned the tax could emerge as part of a broader agreement between Democrats and Trump following an election that hinged on voters’ anger over high prices, according to people familiar with the matter.
“It’s a legitimate concern,” said Mike McKenna, a Republican strategist who advised Trump on energy issues during his first term.