GOP Sen. Marshall: Reconciliation Bill’s Increased Tax on Oil Drilling Will Increase Gas Prices

On Monday’s broadcast of Newsmax TV’s “Spicer & Co.,” Sen. Roger Marshall (R-KS) said that the increase in costs for fossil fuel production on public lands and waters through increased minimum royalties for oil and gas extraction on public lands and waters contained in the Inflation Reduction Act reconciliation bill passed by the Senate will “absolutely, without question,” cause the price of gas to increase and predicted that the corporate tax increases contained in the bill will exacerbate inflation and kill jobs.

Marshall stated, “Let’s talk about the inflation part of this just for a second. It’s going to raise corporate taxes, and that’s going to be passed on down to consumers. When you raise corporate taxes, there’s less money to reinvest in the company, so that’s going to kill jobs. When you start killing jobs, you mess with the supply chain. And then lastly, this has a higher tax on discovering and drilling for oil as well. So, that’s going to impact the price of gasoline. So, absolutely, without question, Reaganomics would tell me that this bill is inflationary, and it’s going to kill jobs. It’s going to increase the price of gasoline at the pump.”

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