With gas prices sky high oil companies are raking in record profits and the state of Texas is enjoying the windfall.
Texas is collecting billions in tax money thanks to oil and gas profits. The state has already collected more than $7 billion in taxes so far this year, according to information from the Texas Comptroller. It's the biggest production tax haul ever and Texas will put that money to good use by funding schools, repairing roads, and paying for police and fire departments.
But with oil companies making record amounts of money and people paying record-high prices at the pumps some members of Congress are proposing a windfall tax on oil profits as a way of lowering prices at the pumps in the form of a tax rebate for some consumers. The Biden administration says it will consider any proposal that would help lower gas costs.
Related
LISTEN on the Audacy App
Sign Up and Follow NewsRadio 1080 KRLD