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      big oil windfall profits tax

      Big Oil war profiteering

      Climate Groups Cheer Khanna-Whitehouse Bill to Tax Big Oil Windfall Profits

      "The American public wants to hold Big Oil accountable for its relentless war profiteering while getting some relief from price gouging at the pump," one campaigner approvingly noted.

      Brett Wilkins
      Feb 14, 2023

      In a move welcomed by climate campaigners, a pair of Democratic U.S. lawmakers on Tuesday reintroduced a Big Oil Windfall Profits Tax, legislation meant to take on corporate greed and "send relief to the American public."

      Sen. Sheldon Whitehouse (D-R.I.) and Rep. Ro Khanna (D-Calif.) revived the bill, which was first proposed last year as gas prices soared due in large part to Big Oil profiteering amid Russia's invasion of Ukraine. Under the proposal, oil companies producing or importing more than 300,000 barrels per day would pay a "per-barrel quarterly tax equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."

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