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NATIONWIDE โ U.S. Rep Dan Goldman (D-10/Brooklyn) co-sponsoring legislation that would tax whatย he says is the large oil companiesโ profiteering in the wake of the COVID pandemic,ย and instead reinvest in underserved and climate justice communities most susceptible to the devastating effects of climate change.ย Under the bill, major oil companies would owe a per-barrel tax equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019. This tax, to be paid quarterly, will apply to both domestically produced and imported barrels of oil, and to profits from 2022 forward.
Revenue raised from the windfall profits of big oil companies will be returned to consumers in the form of a rebate, which would phase out for single filers earning more than $75,000 in annual income and joint filers earning more than $150,000.
