U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has issued a release in response to Chevron’s recent decision to buy back USD 75 billion of its shares, including his proposal for the Taxing Big Oil Profiteers Act. First proposed in 2022, the proposed legislation includes a 25% excise tax on stock buybacks by oil companies. The original proposal also included a 21% additional tax on excess profits of oil companies, although it is uncertain if this will be included when the legislation is reintroduced in the Senate.
Wyden Statement on Chevron’s $75 Billion Stock Buyback
Washington, D.C. — Senate Finance Committee Chair Ron Wyden, D-Ore., released the following statement on Chevron’s $75 billion stock buyback:
"There were a lot of people who had to cut back on things like food, medicine, and travel with family when oil companies jacked up prices at the pump while pulling in record profits. It’s insulting when those Americans see Big Oil’s record profits turned around so quickly into these huge rewards for corporate executives and wealthy shareholders. This is exactly why Democrats passed legislation I wrote with Senator Brown in the Inflation Reduction Act creating a one percent excise tax on corporate stock buybacks. Given today’s news Congress clearly needs to go further. I’ve proposed legislation called the Taxing Big Oil Profiteers Act, which would raise the tax on Big Oil’s stock buybacks to 25 percent. It’s important to put a check on the price gouging and the windfall for wealthy shareholders, and in contrast, companies that refocus on cutting prices or investing in their workers or lower-carbon technologies won’t be affected."