Congress can help everyday people, right now, by returning much of these ill-gotten profits to consumers by passing the Big Oil Windfall Profits Tax.
Congress can help everyday people, right now, by returning much of these ill-gotten profits to consumers by passing the Big Oil Windfall Profits Tax.
In response to the Biden administration’s decision to repeal the federal gas tax, Greenpeace USA Senior Campaigner Ashley Thomson said:
“During an April congressional hearing, Big Oil CEOs would not guarantee that repealing the federal gas tax would lower prices. The Biden administration is taking a short-sighted approach to a long-term problem. High gas prices are a symptom of the oil and gas industry’s tightening vise on our society. As gas prices rose and our wallets tightened, Big Oil got rich. In just the first three months of this year, Shell made $9.3 billion in profits, Exxon made $5.4 billion, and Chevron made $6.3 billion.
“Congress can help everyday people, right now, by returning much of these ill-gotten profits to consumers by passing the Big Oil Windfall Profits Tax. Then, we need to address the problem at its root. A quick transition off of forever-volatile oil and gas markets would set the foundation for a healthier, more equitable, and more just society that is powered by renewable and reliable energy.”
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Notes and resources for media:
During the Gouged at the Gas Pump congressional hearing, Rep. Donald McEachin asked Big Oil CEOs directly about reducing the federal gas tax and if it would reduce prices on consumers. The exchange starts at 4:32:30 https://youtu.be/XDv4gF1TGrk?t=16349
Greenpeace USA, Global Witness, and Oil Change International analysis show that high oil prices due to Russia’s invasion of Ukraine will net the U.S. upstream oil and gas industry a windfall of $37 to $126 billion (all totals USD) in 2022 alone: U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022
