Trump Proposes Tax Cuts for Oil, Gas

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Newsweek

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Business

Business & Economics

Trump says he will work with Congress to "substantially" cut taxes on domestic oil and gas producers

Summary

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74% Informative

President Donald Trump announced Wednesday that he will work with Republican lawmakers to "substantially" cut taxes on domestic producers of oil and gas.

The move could increase production and lower consumer costs for Americans .

Gas prices have been rising in recent weeks , driven by seasonal maintenance work in U.S. refineries and rising global oil prices.

The Trump administration recently imposed a 25 percent tariff on imports from Canada and a 10 percent charge on natural gas and oil, which is likely to lead to increased costs for imported energy. These tariffs could counteract the intended effects of tax cuts by raising overall production costs, which could then be passed on to consumers at the pump. Last but not least, some of the Trump administration's policies—especially widespread tax cuts—are likely to drive up inflation, experts warned. This could erode Americans ' purchasing power and lead to increased prices for goods and services, including gas. Related Articles Start your unlimited Newsweek trial.

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Informative language

Neutral language

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semi-formal

Language

English

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not offensive

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not hateful