Today, U.S. Senator Sheldon Whitehouse introduced the Big Oil Windfall Profits Tax Act. This legislation would prevent fossil fuel corporations from exploiting the current energy crisis for profit, and to provide consumers with direct relief.
In 2022, just five of the biggest oil and gas corporations reported a record-breaking $180.5 billion in profits, and $85 billion spent on stock buybacks to reward their already-wealthy shareholders and Wall Street executives.
Yet gas prices and utility prices remain high across the country, with Exxon warning for more price hikes for working people.
In response, Jamie Henn, spokesperson for STOP (Stop the Oil Profiteering), released the following statement:
“The American public wants to hold Big Oil accountable for its relentless war profiteering while getting some relief from price gouging at the pump, and Senator Whitehouse’s proposal answers that call. Families are still struggling with high prices while Big Oil CEOs continue to line their pockets and those of their shareholders with obscene, record-shattering windfall profits. Senator Whitehouse’s windfall profits proposal would bring more relief to more people by penalizing Big Oil and getting money to the public now. 80% of voters support the idea, it's time for Congress to get it done and pass this bill.”
Over the past year, STOP has helped lead the campaign in the U.S. for a Big Oil windfall profits tax that would put money back in the hands of Americans struggling with high fossil fuel prices. This proposal is largely popular with voters, and over 80 members of Congress have backed some version of windfall profits tax legislation. Even the White House has expressed its openness to the proposal, with President Biden lambasting Big Oil’s profits as the “windfall of war.”
This content originally appeared on Common Dreams and was authored by Newswire Editor.