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Brief May 12, 2026 · 11:18 pm ET Source: Axios Politics

Democrats Propose Windfall Tax on Oil Profits Over $75 Barrel

House Democrats are introducing legislation to redirect oil company profits toward fuel cost relief rather than suspending the federal gas tax, according to Axios. Said Rep. Brad Sherman (D-Calif.), who is set to introduce one such bill: it would impose a 100% windfall tax on oil company profits derived from selling crude above $75 per barrel.

Source: Axios Politics · link AppropriationsEconomyDemocrats
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