Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Energy Prices And Tax Policy topic
No spam. Unsubscribe anytime.
Senator urges 25% tax on oil buybacks and ties high pump prices to war spending
Summary
At an Oregon town hall, a senator and a congresswoman blamed overseas military action and corporate buybacks for soaring gas prices and unveiled a proposal to tax oil company stock repurchases, while health providers and advocates described hardship from higher fuel and grocery costs.
A senator at a public town hall in Oregon on Memorial Day week urged a 25% tax on stock buybacks by large oil companies and blamed continuing U.S. military action overseas for driving up gasoline prices that are squeezing local families.
The senator said he introduced legislation to tax oil company buybacks and called for holding companies that used wartime profits for share repurchases to account for consumer harm. He quoted President Donald Trump, saying, "He said he doesn't think about Americans' financial situation," and said voters expect lawmakers to act to lower costs.
The measure, the senator said, would target "big oil" that, he argued, used "huge war-driven profits" to boost stock prices and executive pay rather than lower prices for consumers. The senator framed the proposal as part of a broader effort that also includes supporting clean-energy incentives that he said the current administration had rolled back.
Local elected officials and service providers gave the event a human face. "More than 30% of the patients we work with had transportation challenges before these price increases," said Dr. Elizabeth Foster, who described many rural patients traveling more than 50 miles for medical appointments and called the higher fuel costs a "definite hardship." Courtney Verano, deputy director of For All Families Oregon, said families face painful choices and told the audience the war "is costing an estimated $1,000,000,000 a day," arguing those funds could instead support child-care and community needs.
A hospitality worker and union member, Laura Colby of Unite Here Local 8, said rising commute and fuel costs are eroding workers' quality of life. "It takes about three or four of my working hours to fill my gas tank," she said, describing long commutes and difficulty affording rent and groceries.
An attendee asked about short-term options such as a suspension or federal purchase pause for gasoline. The senator said he would consider any relief measure but reiterated his view that ending the conflict and clamping down on industry practices such as buybacks are the most effective, sustainable responses to lower prices.
The event featured no formal votes. Organizers and speakers said they will press Congress to consider both immediate relief and longer-term reforms to energy and tax policy.
The town hall concluded with informal remarks and applause; speakers said they would continue pursuing both legislative and oversight avenues to address the costs facing Oregonians.
