U.S. Senate finance chair to propose 21% surtax on excessive oil firm profits- Bloomberg

2022.06.14 21:11

FILE PHOTO: Senator Ron Wyden (D-OR) speaks during the Senate Finance Committee hearing on the nomination of Chris Magnus to be the next U.S. Customs and Border Protection commissioner, in the Dirksen Senate Office Building on Capitol Hill in Washington,

(Reuters) – U.S. Senate Finance Committee chair Ron Wyden will propose a 21% surtax on oil company profits that are considered to be excessive, a Bloomberg reporter tweeted on Tuesday.

President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp (NYSE:XOM) in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.

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