Senator Ron Wyden, D-Ore., stopped by Bend Monday morning to talk about his new bill targeting oil companies
The senator held a press conference near the Towne Pump to discuss the “Taxing Big Oil Profiteers Act.”
The bill would double the tax rate of oil companies excess profits, impose a tax on stock buybacks and get rid of tax loopholes and so-called accounting tricks.
“Certainly a bill like this which ensures that they’re going to be subject to more accountability, more oversight,” Wyden said. “And that they understand if in fact they are taking those steps to help Central oregon. They’re more efficient. They’re buying new equipment. They’re promoting carbon capture or something like that.”
Wyden adds this bill sends a message to oil companies that they will finally pay their fair share of taxes.