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Whitehouse, Khanna Propose 50% Profit Tax on Major Oil Firms

7/31/2026

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Summary

Story summary

Senator Sheldon Whitehouse, joined by Rep. Ro Khanna, introduced a bill to tax oil producers' profits at 50% of the year-over-year difference, targeting firms producing or importing at least 300,000 barrels in 2025.
Brent crude rose from $70 to above $100 per barrel between March and May, peaking at $126.
Late-July U.S. refineries buying oil at $80 per barrel expect $50-$60 profit margins, far above the usual $20-$25 range.

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Story summary

Senator Sheldon Whitehouse, joined by Rep. Ro Khanna, introduced a bill to tax oil producers' profits at 50% of the year-over-year difference, targeting firms producing or importing at least 300,000 barrels in 2025.
Brent crude rose from $70 to above $100 per barrel between March and May, peaking at $126.
Late-July U.S. refineries buying oil at $80 per barrel expect $50-$60 profit margins, far above the usual $20-$25 range.