Schumer proposes tax on oil-company profits

Clinton County Press-Republican

PLATTSBURGH -- U.S. Sen. Charles Schumer is proposing a windfall-profits tax on oil companies.

"Once again, consumers' pain is Exxon's gain," Schumer said in a statement.

"Oil companies are wracking up obscene profits left and right while American families are stretched to the limit by skyrocketing gas prices. It's high time for big oil to pay its fair share. It's time for a tax on their windfall profits."

Schumer's measure, co-sponsored by Sen. Sherrod Brown (D-Ohio), would levy a tax on the windfall profits of American oil companies and foreign companies with substantial operations in the United States in 2008 and 2009.

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