OGJ NEWSLETTER

Political fallout from gasoline pricing practices continues to bedevil U.S. oil companies. The controversy even has resurrected an ogre industry thought dead: the "windfall profits" tax. Sen. Bob Packwood (R-Ore.) plans to introduce a "modified" WPT bill after the Senate reconvenes Sept. 10, saying it will "discourage oil companies from taking unfair advantage of consumers." Packwood's bill would impose a tax of as much as 70% on "excessive" profits from sale of U.S. and imported oil and

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