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Manchin Spending Deal Includes Billions in Tax on Oil (Correct)

Aug. 1, 2022, 4:13 PM

The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost the oil industry $25 billion in new taxes.

The legislation, which may get a Senate vote as soon as next week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per barrel, according to a summary of the plan released Sunday by the Senate’s tax-writing committee.

A similar proposal, included in the House-passed Build Back Better Act, would have raised nearly $25 billion over a 10-year period, according to a congressional ...