The Progressive


A project of Common Dreams

For Immediate Release

Cassidy DiPaola,

Stop The Oil Profiteering (STOP) Responds to Inflation Report & Biden's Ethanol Announcement

A windfall profits tax on Big Oil is the most effective, popular way to provide immediate relief to consumers.


While the Biden administration is clearly fishing for a solution to inflation and skyrocketing gas prices across the country, their plan misses the lunker: a Big Oil windfall profits tax.

As inflationary prices put pressure on millions of Americans, the country's largest oil companies are bragging about unprecedented record profits and their "best quarter ever," using their windfall profits to reward their wealthy shareholders and CEOs. A windfall profits tax would tax those undeserved earnings and use the revenue to send a check to American families to help offset the costs of high energy prices.

"The Biden administration is searching everywhere for a solution to high energy and gas prices - but the answer is right under their noses. A windfall profits tax is smart, fair, and popular, and Congress is already prepared to move it forward. If our leaders are to provide meaningful relief to America's hardworking families, we need a meaningful solution. A windfall profits tax will get to the root of the problem, stop Big Oil's war profiteering, and put money back into the pockets of Americans," said Jamie Henn, Director of Fossil Free Media and Stop the Oil Profiteering.

Most Americans know who is really to blame for high gas prices, with a new ABC News/Ipsos poll showing that a large majority of Americans believe oil companies and President Vladimir Putin are to blame for skyrocketing oil prices. But despite being brought to Capitol Hill to testify before Congress about their role in spiking gas prices, Big Oil executives have made it clear they will not act to curb prices and instead focus on maximizing profits. Already, five Big Oil executives have been caught cashing in on war, selling $99 million in stock. On the heels of Big Oil's long record of collaborating with the Putin regime, conservative estimates put Big Oil's expected potential windfall in 2022 at up to $126 billion.

If Biden is to deliver real, meaningful relief at the pump, he must listen to the 87 percent of voters who support accountability on price-gouging oil companies and implement a windfall profits tax.

Fossil Free Media is a nonprofit media lab that supports the movement to end fossil fuels and address the climate emergency.