Home pagePress CenterIn the Media Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by Reuters, "Senate Democrats Unveil New Energy Tax Plan."
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Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by Reuters, "Senate Democrats Unveil New Energy Tax Plan."
Democrats in the Senate on Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources.
The day that U.S. oil prices hit an all-time peak of $123.93 a barrel, Democrats moved to act on soaring gasoline pump prices, which are a growing political liability in the November presidential election.
"It's placate and pander and point the finger - that's where the politics are going right now," said Frank Verrastro, an energy expert at the Center for Strategic and International Studies. "Somebody has got to tighten their belt."
The Center for Strategic and International Studies (CSIS) is a private, tax-exempt institution focusing on international public policy issues. Its research is nonpartisan and nonproprietary. CSIS does not take specific policy positions; accordingly, all views, positions, and conclusions expressed in these publications should be understood to be solely those of the authors.
