House Dem pushes legislation against big oil ‘profiteering’ after investing in major oil companies
New York Democratic Rep. Daniel Goldman is pushing legislation against big oil ‘profiteering’ after reporting sizable assets in the same major oil companies he’s targeting.
Goldman announced this month he’s co-sponsoring legislation called The Big Oil Windfall Profits Tax Act which would ‘tax large oil companies profiteering in the wake of the COVID pandemic’ and reinvest in ‘underserved and climate justice communities.’
‘Since the start of the COVID pandemic, Big Oil has raked in record profits while gas prices soar, American families struggle to make ends meet, and climate change continues to wreak havoc on our communities,’ Goldman said in a statement regarding the proposal and another piece of legislation called the Energy Resilient Communities Act.
‘These two critically important pieces of legislation would redirect unjustifiable corporate profiteering to the pockets of everyday Americans and invest in life-saving green infrastructure in communities that are on the front line of the devastating effects of climate change.’
The windfall profits legislation aims to tax oil companies that produce or import more than 300,000 barrels daily. The per-barrel tax would equal ‘50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019.’
The tax would also apply to ‘oil profits in 2022 and going forward so that Americans gouged by high prices are made whole,’ a press release from his office said, which later added that ‘oil giants like Exxon Mobil and Chevron cannot simply gouge consumers further without the threat of losing market share.’
However, Goldman reported significant holdings in oil companies his legislation targets, and even the very ones his office singled out. The New York Democrat said he held between $100,001 and $500,000 in Exxon Mobil investments in his financial disclosure form submitted in July 2022. He also reported between $100,001 and $500,000 in Chevron assets.
The two giants, however, were not the only prominent oil companies in his investment portfolio. Goldman reported between $100,001 and $500,000 in assets in ConocoPhillips, which produces millions of barrels of oil daily and would face taxes under his proposal.
The disclosures further show that he had investments of up to $100,000 in Marathon Petroleum Corp., which also produces millions of barrels of oil daily and would face new taxes.
Goldman’s legislation would use the revenue from the oil taxes to give consumers a rebate that would phase out for single filers who earn over $75,000 in annual income and joint filers who make over $150,000.
‘With oil priced at roughly $90-100 per barrel, this levy would raise approximately $49.1 billion per year,’ the press release says. ‘At this price, single filers would receive an estimated $260 each year and joint filers $390.’
Goldman, a wealthy heir to the Levi Strauss jean company fortune, entered Congress this year but began pushing far-left climate policies during his midterm campaign.
During the 2022 elections, Goldman’s campaign website said climate change is an ‘urgent, existential threat’ and that he supports the principles behind the controversial Green New Deal.
‘Dan supports the principles and goals of a Green New Deal to transition to clean energy, which will also create millions of good-paying union jobs,’ the website states.
‘Dan will work to incentivize private companies to invest in renewable energy and encourage community and public power production. We must promote public-private partnerships to address climate change at the necessary pace to save our planet,’ it adds.
Goldman’s office did not respond to a Fox News Digital request for comment on his oil company investments.