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Brace for $6/gal as Lawmakers Push 21% Tax Hike on Oil Companies

Two years ago, New Mexicans were paying under $2.00 a gallon for gas. One year ago, they were paying under $3.00. Today, they are paying just under $5.00, and analysts anticipate prices will hit $5.50 by the end of the month and $6.00 nationally by the end of August.

The mainstream media blame the usual suspects for the surge, with Vladimir Put at the top of the list.

“A confluence of forces, led by Russia’s invasion of Ukraine, has crimped oil supply and bumped up demand.”

MSM, June 13, 2022

Ukraine, however, is not a major oil producing country, and war there did not slow Russia’s own production of oil. It was global leaders’ attempt to punish Russia by blacklisting their oil that “crimped supply and bumped up demand.”

Crude oil was trading over $120 a barrel Tuesday.

Democrats, from the president to legislators in New Mexico, the second-largest oil producer in the country, have been increasingly critical of Big Oil, threatening to shut down drilling and move away from fossil fuels toward “greener” technologies. Adding to the anti-oil sentiments, U.S. Senate Finance Committee chairman Ron Wyden plans to introduce a bill in the U.S. House to set an additional 21% tax on oil profits that politicians consider “excessive.”

The American Petroleum Institute, the top U.S. oil lobby organization, said “policymakers should be focused on increasing energy supply and reducing costs for Americans. Imposing new taxes on our industry will do the exact opposite and only discourage investment at a time when it’s needed most.”

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