U.S. Senate finance chair to propose 21% surtax on excessive oil firm profits- Bloomberg

U.S. Senate Finance Committee chair Ron Wyden will propose a 21% surtax on oil company profits that are considered to be excessive, a Bloomberg reporter tweeted on Tuesday.

President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.