Regional News

Wyden Sponsoring New Gas Bill

(Portland, OR) -- Gas prices are at record high levels and Oregon Senator Ron Wyden is sponsoring a bill to limit excess profits, stock buybacks and big bonuses for executives. Wyden says oil companies would be allowed to reinvest profits to make their operations more efficient. If they use profits to reward stockholders or executives they would face a surtax. Stock buybacks would be taxed 25-percent and profits over 10-percent would be taxed 21-percent. Wyden says oil companies would also be prohibited from reducing their profits through accounting methods.

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