The Progressive


A project of Common Dreams

For Immediate Release

Cassidy DiPaola,

STOP Urges Congressional Democrats to Back Windfall Profit Tax


After weeks of inaction, Congress is finally ready to find a legislative solution to high gas prices and provide much-needed relief to Americans. Speaker Nancy Pelosi will be holding a press conference this afternoon alongside Senate Majority Leader Chuck Schumer aimed at "new efforts to lower gas prices." But the real solution is already under their noses: a Big Oil Windfall Profits Tax that will tax oil companies' undeserved earnings and use the revenue to send a check to American families to help offset the staggering costs of high energy prices.

Most major oil and gas companies have yet to announce their first quarter profits for 2022, but clear indications are that they will be staggering, with Exxon expecting record profits and Occidental looking at its "best quarter ever."

According to recent research, two-thirds of the public recognizes rising gas prices as a problem, while four in ten Americans are already having to cut back on household spending because of the increase in gas prices. According to new polling, a whopping 80% of voters want a windfall profits tax on big oil, including 73% of Republicans.

In response, Jamie Henn, spokesperson for STOP (Stop the Oil Profiteering), released the following statement:

"Americans want relief from high gas prices and accountability for those responsible, so we're glad to see Democrats taking some steps forward to investigate price gouging by oil and gas executives. However, the clearest and most popular way to get direct relief to the public and to check Big Oil's rampant war profiteering is with a windfall profit tax. There is vast, bipartisan support for this policy because the public knows oil and gas billionaires are responsible for the pain at the pump. It's time Democratic leadership got on board and pursued this winning policy as soon as possible."

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