EQNR - White House considering proposal to tax oil and gas windfall profits

Deputy Director of the National Economic Council, Ramamurti, told the Press Thursday that the White House is considering a "windfall" profits tax for US oil (USO) and gas (UNG) producers (XLE). The news follows a similar tax announcement in the UK, and proposal in the US Senate. Following the UK's move, it appeared that risk of a similar tax in the US largely relied on support from swing votes in the US Senate. However, as prices for gasoline approach $10.00 per gallon in select regions of the country, political pressure is mounting.  Unlike the UK, the US is a large producer of oil and gas. The US has the potential to meaningfully grow production and impact global balances. The shale revolution balanced global oil markets for most of the past decade, and natural gas exports are now doing the same in global LNG markets. The benefits of rapid production growth accrued to the US population at

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White House considering proposal to tax oil and gas "windfall" profits