Bennet, Schumer, Wyden Introduce Legislation to Increase Stock Buybacks Tax for Oil and Gas Companies

 Pursuant to Senate Policy, petitions, opinion polls, and unsolicited mass electronic communications cannot be initiated by this office for the 60-day period immediately before the date of a primary or general election. Subscribers currently receiving electronic communications from this office who wish to unsubscribe may do so here . M About About Michael Legislation News Press Releases Social Media Newsletter Archive Services Priorities Top Issues Child Tax Credit Investing in Colorado Contact Map Español Acerca de Michael Escribe a Michael Prioridades Servicios Visitando D.C. Bennet, Schumer, Wyden Introduce Legislation to Increase Stock Buybacks Tax for Oil and Gas Companies Proposal Would Increase Tax on Buybacks from One Percent to 25 Percent as Consumers Face Record Gasoline Prices  Washington, D.C. — Colorado U.S. Senator Michael Bennet, Ranking Member of the Senate Finance Subcommittee on Taxation and IRS Oversight, Democratic Leader Chuck Schumer (D-N.Y.), and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.), introduced legislation to increase […] May 21, 2026 | Press Releases Proposal Would Increase Tax on Buybacks from One Percent to 25 Percent as Consumers Face Record Gasoline Prices Washington, D.C. — Colorado U.S. Senator Michael Bennet, Ranking Member of the Senate Finance Subcommittee on Taxation and IRS Oversight, Democratic Leader Chuck Schumer (D-N.Y.), and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.), introduced legislation to increase the excise tax on stock buybacks of large oil and gas companies from one percent to 25 percent in response to record high oil and gasoline prices. The Taxing Buybacks from Big Oil Windfalls Act comes as President Trump’s war with Iran forces Coloradans to pay more than 60 percent more at the pump, and prevents large oil and gas firms from using increased revenues to reward shareholders instead of investing in supply. “President Trump’s reckless war with Iran has pushed gas prices to record highs in Colorado and across the country, and consumers are paying the price,” said Bennet. “The last thing oil and gas companies should be doing with these windfall profits is rewarding their shareholders while working families struggle between filling up the gas tank or buying the week’s groceries. This legislation will incent these companies to reinvest revenues in expanding supply, diversifying our energy sources, and increasing employment.” “Everything about Trump’s war in Iran is a disaster, and there’s no way we can allow big oil and gas companies to turn the extraordinary financial pain many drivers are feeling into another big payday for their wealthy shareholders,” said Wyden. “ Trump does the bidding of oil and gas companies, but the American people want us to stand up to war profiteers. That’s what our bill is about.” “Trump’s war in Iran is an unmitigated disaster, and we will not let Big Oil turn that into a windfall for their wealthy shareholders,” said Schumer. “Hardworking Americans are spending $5 a gallon to fill up their tanks, while oil and gas executives are making money hand over fist. Trump may serve his Big Oil billionaire buddies, but we don’t.” Immediately following Russia’s unjustified and unprovoked invasion of Ukraine in 2022, large oil and gas firms used their windfall profits to reward executives and rich shareholders with over $100 billion of stock buybacks . As President Trump’s war in Iran generates similar windfall profits, this legislation would prevent similar buyback activity financed by working families. Americans have spent $45 billion more on gasoline and diesel since President Trump launched his war compared to last year. “Oil companies and executives have been among the biggest winners from Trump’s tax laws, making use of new loopholes and industry specific tax cuts to enrich themselves with taxpayer dollars,” said David Kass, executive director of Americans for Tax Fairness. “They use those windfalls to initiate stock buybacks to boost share prices and reward shareholders and executives, all while they raise prices on consumers. ATF welcomes the introduction of the Taxing Buybacks from Big Oil Windfalls Act. Congress cannot stand by as Big Oil squeezes American consumers at the pump while using our tax dollars to further enrich themselves.” “While Trump’s reckless war in Iran sent gas prices soaring, Big Oil executives saw an opportunity to squeeze families even harder, padding their profits with buybacks while Americans pay the price at the pump,” said Matthew Davis, Vice President of Federal Policy at the League of Conservation Voters. “Thank you to Senators Wyden, Schumer, and Bennet for stepping up to put people first by making sure Big Oil pays its fair share and helping bring real relief to families struggling with energy costs.” “The Taxing Buybacks from Big Oil Windfalls Act sends a clear message: if oil giants choose to funnel war-driven windfalls into stock buybacks instead of helping lower c