WSJ editorial board calls out Bennet over “windfall” tax on big oil companies

DENVER, CO – In case you missed it over the weekend, the Wall Street Journal editorial board called out Sen. Michael Bennet for his proposed “windfall” profit tax on big oil companies:

“We need to hold large oil and gas companies accountable” and “urgently need to invest in America’s clean energy economy,” says Colorado Sen. Michael Bennet. Accountable for what? Making money in a legal business? Meeting obvious consumer demand?

The proposal, which also has the backing of Senators Elizabeth Warren and Bernie Sanders, would subject major oil companies to a 50 percent tax on the difference between the price of a barrel of oil today and the average price from 2015 to 2019.

Economists from across the political spectrum say Bennet’s tax would be counterproductive and actually increase gas prices.

AUSTAN GOOLSBEE: I’m not a big fan, I don’t see what that’s going to solve. I think there’s a high chance … that it would lead oil prices, or gas prices, to go up.

Bennet’s anti-energy rhetoric is also at odds with members of his own party.

On Thursday Sen. Joe Manchin chastised the Biden administration for dragging its feet on working with energy companies to increase domestic production.

The average cost for a gallon of gas in Colorado is $3.97, up from $3.96 on Friday morning according to AAA.

A week ago gas was $3.75 per gallon on average in Colorado.

If Bennet and Warren get their way, it’s likely consumers could see even higher prices at the pump.

Read more below from the Wall Street Journal editorial board.

Democrats for Higher Gas Prices
Wall Street Journal
Editorial Board
March 11 2022
Senators propose a windfall-profits tax to reduce oil production.

You knew it was coming. Even as President Biden begs OPEC to pump more oil, Senate Democrats are threatening to punish U.S. oil companies with a windfall-profits tax if they increase production. The contradiction nicely summarizes progressive energy policy. 

“Putin’s war is driving up gas prices—and Big Oil companies are raking in record profits,” Elizabeth Warren tweeted Thursday. To curb what she calls “Big Oil profiteering,” she and 11 other Senate Democrats have introduced legislation to impose the new tax.

“We need to hold large oil and gas companies accountable” and “urgently need to invest in America’s clean energy economy,” says Colorado Sen. Michael Bennet. Accountable for what? Making money in a legal business? Meeting obvious consumer demand?

Read more here.

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