Sen. Cassidy to Introduce Oil Tariff Bill When Senate Returns
Sen. Bill Cassidy, R-La., said he will introduce a bill when the Senate returns to Washington that would raise tariffs on Saudi Arabian oil and oil byproducts. “Our nation’s economy, national security and the economic welfare of families across Louisiana…
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is threatened by oil being dumped on the world market at below-production costs,” Cassidy said in an April 9 press release. “Tariffs will restore fair pricing.” The tariffs would vary by the current market price of oil, and would make Saudi imports cost at least $40 a barrel. The law orders the president to impose tariffs under the International Emergency Economic Powers Act within 10 days of passage. The bill was described as actions “in response to Saudi Arabia’s aggression towards the United States petroleum industry.” It also instructs the administration to withdraw all military personnel from Saudi Arabia.