Manchin Spending Deal Includes Billions in Tax on Oil (Correct)

The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost the oil industry $25 billion in new taxes.

The legislation, which may get a Senate vote as soon as next week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per barrel, according to a summary of the plan released Sunday by the Senate’s tax-writing committee.

A similar proposal, included in the House-passed Build Back Better Act, would have raised nearly $25 billion over a 10-year period, according to a congressional ...