Oil Executives Fear Windfall Tax After Democrats’ Election Gains

Oil executives fear Democrats’ election gains could spur a deal with President Donald Trump to tax companies when crude prices are high, raising the prospect of a new levy on the industry.

Separately, Democrats have proposed legislation that would tax companies when Brent crude exceeds its 2025 average price and use the revenue for consumer rebates. The possible deal is framed as a tax on high crude prices; the proposed legislation specifies a Brent-price trigger and rebates.

Separately, U.S. oil and gas producers earned $67 billion in the third quarter, and the sector’s largest companies have seen profits triple since the U.S.-Iran war began.