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Durbin Planning to Introduce Windfall Profits Tax on Big Oil

U-S Senator Dick Durbin is calling for a windfall profits tax for oil companies in the wake of sky-high gas prices.


Durbin says Conoco-Phillips reported its first-quarter earnings this year are up 17-percent, with more than 4-billion dollars in profits. He added that B-P's first-quarter profit was 7-point-6 billion dollars, Royal Dutch Shell announced a 9-billion dollar profit, Exxon-Mobil's profit was nearly 11-billion and Chevron exceeded 5-billion.


Durbin says he'll introduce legislation for a windfall profits tax on big oil companies as early as this week.  He says they reported making 123.9 billion dollars in profits last year, and instead of reinvesting the money into projects like oil exploration, it's sitting in bank accounts.


Durbin says a windfall profits tax would hold oil companies accountable for price gouging and profit taking, while families are paying high prices at the pump.

05 05 08 by Newsroom
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