By Jennifer McRae

DENVER (CBS4)– Sen. Michael Bennet wants to make sure that large oil companies aren’t exploiting consumers. As the war in Ukraine continues, the price of a gallon of gas has risen to more than $1 over what it was last year.

Oil companies are seeing near-record profits.

(credit: CBS)

The Democrat, along with 10 other lawmakers on Capitol Hill, are introducing a bill that would tax large corporations which may give drivers some relief at the pump.

Under the bill, oil giants like Exxon Mobil and Chevron that produce or import at least 300,000 barrels of oil per day will owe a per-barrel tax.

Colorado’s senior senator said the quarterly tax will make for a more even playing field. The money raised from the tax would be returned to consumers as a rebate.

RELATED: Colorado Oil Producers Push For Expedited Permits As Gas Prices Soar

Jennifer McRae