I'm failing to see how this will help the price of fuel.
(Bloomberg) -- Senators Sheldon Whitehouse and Elizabeth Warren say they’re working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions.Most Read from BloombergChina Warns U.S. Over Forming Pacific NATO, Backing TaiwanUkraine...
ca.finance.yahoo.com
"The plan will require oil companies that produce or import at least 300,000 barrels of oil per day to pay a per-barrel tax equal to 50% of the difference between the current price of a barrel and the average price from the years 2015 to 2019, a period in which energy companies were recording large profits, according to a statement from Whitehouse’s office. Smaller oil companies will be exempt from the quarterly tax, so that large companies like Exxon Mobil Corp. and Chevron Corp., cannot raise prices without the threat of losing market share, according to the statement.
The revenue raised from the tax would be sent to individuals quarterly. The payments would phase out for individuals earning more than $75,000 or couples earning $150,000."
There is so much WTF here I don't even know where to begin.
First, lets cut off the Keystone Pipeline and torpedo other supply chain pieces related to gas.
Then lets cause massive inflation.
Then we're going to virtue signal some bullshit and cut off imports that literally only punish the citizens of the US, and Russia, couldn't give less of a shit because they're still paying like .32/gallon or some shit.
This all causes oil prices to go through the roof. When asked about fixing this, the faggots literally say that there isn't much they can do.
The answer from .gov? Tax the companies who make money off of the commodity you are literally single handed interfering with to an extent that had any private entity done so, they'd all be in prison.
To double down on that retarded shit, you're going to try and get the fucking poors onboard with more stimulus generated from this tax in an actual attempt at class warfare that looks like nothing more than pure communism.
Wow.