Manchin-Schumer bill would reinstate tax on imported oil and petroleum products

Included in the Manchin-Schumer bill is a 16.4 cents-per-barrel tax on crude oil imports

Bradford Betz / FOXBusiness

 

Lawmakers are poised to reinstate a decades-old fee on oil imports, though some critics say that would violate President Biden’s pledge not to raise taxes on anyone making less than $400,000. 

 

The proposal, included in a $433 billion tax and climate bill, would reinstate a 16.4 cents-per-barrel tax on crude oil imports and taxes on imported petroleum products. President Biden has tried three times to reinstate the tax but has been unsuccessful thus far, according to a Fox News analysis.

The Washington-based conservative group Americans for Tax Reform says the tax "will be paid by consumers in the form of higher gas and energy costs," Bloomberg reported. 

Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., announced an agreement last week on legislation boosting taxes on huge corporations and wealthy individuals, bolstering fossil fuels and...Read more and see video here.