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Democrats Demand Accountability Over $1.1B Oil Tax Loophole

6/28/2025

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Summary

Story summary

Four Democratic senators are calling for accountability from ConocoPhillips and Ovintiv regarding a staggering $1.1 billion tax loophole in the GOP's budget bill. They contend this provision would allow major oil companies to escape the corporate alternative minimum tax, ultimately driving up energy costs for everyday Americans while enriching the oil industry.

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Story summary

Four Democratic senators are calling for accountability from ConocoPhillips and Ovintiv regarding a staggering $1.1 billion tax loophole in the GOP's budget bill. They contend this provision would allow major oil companies to escape the corporate alternative minimum tax, ultimately driving up energy costs for everyday Americans while enriching the oil industry.