California implementing a windfall tax on oil companies would be harmful, FOX Business contributor and Price Futures Group senior market analyst Phil Flynn said.
California implementing a windfall tax on oil companies would be harmful, according to an energy expert who spoke with FOX Business.on Friday called for a windfall profit tax to be levied on the profits above a set amount for companies involved in the extraction, production and refining of oil.
from the $5.58 average price a week ago. Meanwhile, the average price for regular gas nationwide Friday was roughly $3.80.Phil Flynn, a FOX Business contributor and senior market analyst at the Price Futures Group, said such a windfall tax would "further discourage investment in an industry that is desperately in need of capital to stay in business in an increasingly hostile governmental environment." he said.
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