Memorializes President and Congress to eliminate preferential federal tax treatment for oil and natural gas companies.

New Jersey SCR131 memorializes the President and Congress to enact legislation eliminating preferential federal tax treatment for oil and natural gas companies. The resolution argues that these companies, which reported combined profits of $82.1 billion in 2025, receive federal tax benefits and subsidies estimated between $15 and $30 billion annually. It contends that this preferential tax treatment distorts energy markets, undermines fair competition, and does not guarantee lower prices for consumers.

Memorializes President and Congress to eliminate preferential federal tax treatment for oil and natural gas companies.

New Jersey SCR131 memorializes the President and Congress to enact legislation eliminating preferential federal tax treatment for oil and natural gas companies. The resolution argues that these companies, which reported combined profits of $82.1 billion in 2025, receive federal tax benefits and subsidies estimated between $15 and $30 billion annually. It contends that this preferential tax treatment distorts energy markets, undermines fair competition, and does not guarantee lower prices for consumers.