April 14 (UPI) -- American consumers are demanding congressional action to slow down skyrocketing gasoline prices, Sen. Dick Durbin, D-Ill., said Friday.
"Oil companies are living in the fast lane and consumers are being left on the side of the road," he said in a release in which he cited cases of extraordinary profits. He urged action on his proposal that he says would ease the problem.
Durbin's Windfall Profits Tax bill would impose an excise tax on integrated oil and gas companies equal to 50 percent of their profits over a baseline price of $40 per barrel of oil.
Part of the revenue would fund a consumer rebate and a low income assistance program.
Print
eMail
