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windfall profits tax
Thanks to Trump's Iran War, Big Oil Raking in $30 Million Per Hour in Windfall Profits
“Moments of global crisis continue to translate into bumper profits for oil majors while ordinary people pay the price."
Apr 15, 2026
US President Donald Trump's unprovoked war of choice in Iran has been a goldmine for the fossil fuels industry, which is earning massive windfall profits thanks to the rise in the price of petroleum.
An analysis published by The Guardian on Wednesday estimated that the 100 biggest oil and gas companies have collectively raked in an extra $30 million per hour since Trump launched his war with Iran without any congressional authorization in late February.
In just the first month of the conflict, The Guardian reported, Big Oil made $23 billion in windfall profits, and the industry is projected to haul in an additional $234 billion in windfall profits by the end of the year if the price of oil stays in the $100 range.
The top beneficiaries of the Iran conflict are Saudi Aramco, which is projected to earn $25.5 billion in windfall profits by the end of the year; Kuwait Petroleum Corp., which is projected to earn $12.1 billion; and ExxonMobil, which is projected to earn $11 billion.
"The excess profits come from the pockets of ordinary people as they pay high prices to fill up their vehicles and power their homes, as well as from businesses incurring higher energy bills," The Guardian noted. "Dozens of countries have cut fuel taxes to help struggling consumers, meaning those nations, including Australia, South Africa, Italy, Brazil and Zambia, are raising less money for public services."
The Guardian's analysis was conducted by climate watchdog Global Witness, using data from intelligence provider Rystad Energy.
Patrick Galey, head of news investigations at Global Witness, told The Guardian that Big Oil's windfall profits should be a wakeup call to the world about the dangers of relying on fossil fuels.
"Moments of global crisis continue to translate into bumper profits for oil majors while ordinary people pay the price," Galey said. "Until governments kick their fossil fuel addiction, all of our spending power will be held hostage to the whims of strongmen."
Climate advocates have for months been calling for a windfall profits tax on Big Oil during the Iran War as a way to retrieve some of the money consumers have lost during the conflict.
Earlier this month, the climate advocacy organization 350.org renewed its previous call to slap fossil fuel companies with a windfall profits tax, and then invest the revenue into renewable energy sources to provide real long-term relief to global consumers.
Beth Walker, an energy policy expert at climate change think tank E3G, also recommended a windfall profits tax with the aim of ending reliance on dirty energy sources.
"Governments should use taxes on windfall profits to accelerate the transition to green energy," said Walker, "rather than deepen dependence on fossil fuels.”
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Congress, Pass a Windfall Tax on the Oil Companies Profiting From Trump's Iran War
The oil and gas companies that invested at least $75 million in Trump’s reelection are cashing in on the instability he has caused.
Apr 11, 2026
Our dependence on fossil fuels does more than pollute our air. It destabilizes the world and empowers the ultra wealthy to profit off of that volatility, leaving working families to pay the price.
This dynamic has been on full display since President Donald Trump’s attack on Iran.
Trump’s invasion of one of the world’s most oil-rich regions jolted energy markets, sending gas prices soaring to the highest level in either of his terms. In 2024 he campaigned on cutting them in half. Instead, Americans are now on track to pay roughly $720 more for gasoline this year.
The full cost to working families will be much steeper as high gas prices drive up prices on consumer goods across the board. We’re already seeing that ripple effect take hold, as the US Postal Service has proposed a temporary 8% fuel surcharge on package deliveries to offset rising transportation costs tied directly to the war-driven spike in oil prices.
To reclaim our foreign policy from those who see a global crisis as a line item on an earnings call, we must break the billionaire grip on our energy system, economy, and democracy writ large.
At the same time, the oil and gas companies that invested at least $75 million in Trump’s reelection are cashing in on this instability. A recent Financial Times analysis estimates that US oil companies could collect an additional $63 billion in revenue this year if crude prices remain at these wartime levels. In March alone, the industry is expected to generate $5 billion in extra cash flow.
This type of windfall isn’t a fluke. We’ve seen this pattern for decades.
Oil has a way of appearing in the background of every chapter of US military intervention in the Middle East and beyond. Iran nationalized its oil industry in the 1950s, and a CIA-backed coup followed. Iraq, sitting on some of the world’s largest reserves, was invaded in 2003. And earlier this year, the US invaded Venezuela and immediately began plans for a taxpayer-backed oil industry takeover.
Dependence on fossil fuels keeps us trapped in this cycle. Oil executives have spent billions to maintain this status quo, backing politicians like Trump who will protect their profits. As the oil industry rakes in eye-popping profits, it gains more power to elect leaders who prioritize policies that ensure Americans remain reliant on fossil fuels.
Following Russia’s invasion of Ukraine, Congress considered a windfall profits tax on large oil companies that would capture the excess profits generated by the crisis—and return the money to American households. Roughly 80% of Americans supported the idea.
Failure to advance that legislation cost us. Researchers calculated that if the US had redistributed the portion of fossil fuel profits that exceeded 2021 returns, every American household could have received $1,715.
As oil executives profit off the war in Iran, Congress must once again push for a windfall profits tax on the largest oil companies. This isn’t an outlandish idea. Other countries have already done it. After the 2022 energy shock, the United Kingdom enacted a windfall tax on oil and gas companies, raising about $3.3 billion in its first year and roughly $4.5 billion the next—money used to help households pay their energy bills.
The current situation in Iran underscores how unchecked extreme wealth fuels corporate control, leaving working families vulnerable. New data from Impact Research for Tax the Greedy Billionaires shows that voters blame billionaires for the affordability crisis and want leaders to do more to address this. In fact, 77% of voters nationwide—including 65% of Republicans, 75% of Independents, and 91% of Democrats—support raising taxes on billionaires.
Under the Trump administration, war profiteering has reached new extremes. Confronting corporate power and taxing the ultra wealthy isn’t just about economic fairness—it’s a national security imperative.
To reclaim our foreign policy from those who see a global crisis as a line item on an earnings call, we must break the billionaire grip on our energy system, economy, and democracy writ large. If we want a democracy that works for the people, we must stop letting it be sold to the highest bidder.
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Big Oil Windfall Tax Would Return ‘Egregious’ Iran War Profits to Struggling US Families
“Trump’s war of choice in Iran is not just a moral mistake but an economic blunder that is skyrocketing gas prices for working Americans," said Rep. Ro Khanna.
Mar 18, 2026
With Big Oil poised to profit from a price spike driven by the US-Israeli war on Iran, congressional Democrats on Wednesday revived an excise tax that proponents say would put money back in the pockets of struggling American workers.
Sen. Sheldon Whitehouse (D-RI) and Rep. Ro Khanna (D-Calif.) reintroduced the Big Oil Windfall Profits Tax Act "to curb profiteering by oil companies and provide Americans relief at the gas pump."
The legislation—which only applies to large oil companies—would impose a per-barrel tax "equal to 50% of the difference between the current price per barrel of oil and the average price per barrel last year, when big oil companies were already earning large profits."
As Democrats on the Senate Committee on the Environment and Public Works explained: "Revenue raised from the windfall profits of Big Oil companies will be returned to consumers in the form of a quarterly rebate, which would phase out for single filers who earn more than $75,000 in annual income and joint filers who earn more than $150,000. At $100 per barrel of oil, the levy would raise approximately $33 billion per year. At that price, single filers would receive approximately $216 annually and joint filers would receive roughly $324 annually.”
The committee Democrats noted:
The price of a gallon of gas is up 80 cents just weeks after the onset of war in Iran, and the price of a barrel of oil has increased 50% from what it was at the start of the year. President [Donald] Trump’s war in Iran has further disrupted an already volatile global oil market by reducing supply and choking key shipping lanes. Qatar has warned that oil prices could surpass $150 per barrel in the coming weeks, far above 2022 highs seen following Russia’s invasion of Ukraine.
Trump—who promised gas under $2 a gallon and no new wars—said last week that "when oil prices go up, we make a lot of money."
As in Venezuela—another oil-rich country attacked by a president who has bombed 10 nations, more than any other US leader in history—Big Oil revenue is projected to surge due to the rising volatility and prices the war on Iran is bringing. The Financial Times reported Tuesday that US oil companies could reap $60 billion in additional revenue this year alone if crude prices remain high.
As one oil industry financial analyst told The New York Times earlier this week, “The oil and gas industry’s financial strategy has been ‘pray for war,’ because those are the conditions under which they make money."
Critics said that while fossil fuel interests—which spent close to half a billion dollars to get Trump and other Republicans elected in 2024—rake in profits, ordinary Americans suffer.
“American consumers are once again getting squeezed at the gas pump as President Trump’s war of choice in Iran sends gas prices soaring and money flowing to his Big Oil donors,” Whitehouse said Tuesday. “We should send any big windfall for Big Oil back to the hardworking people who paid for it at the gas pump."
"Over the longer term, accelerating our transition to clean energy will lower energy costs, insulate consumers from these kinds of price spikes, and reduce America’s dependence on foreign despots and greedy fossil fuel companies," he added.
Khanna said: “Trump’s war of choice in Iran is not just a moral mistake but an economic blunder that is skyrocketing gas prices for working Americans. I’m proud to reintroduce the Big Oil Windfall Profits Tax Act alongside Sen. Whitehouse to stop Big Oil from profiteering off of foreign wars at Americans’ expense and deliver real relief at the pump."
The President shouldn't be a cheerleader for Big Oil companies making fatter profits while Americans pay higher gas prices.We should tax windfall oil profits from Trump's war against Iran and give relief to American families instead.
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— Elizabeth Warren (@warren.senate.gov) March 15, 2026 at 10:38 AM
Green groups and economic justice advocates were among those applauding the reintroduction of the bill, which one 2022 nationwide poll found is supported by 80% of Americans.
“Let’s be crystal clear that when Trump said ‘when oil prices go up, we make a lot of money’, he was talking about billionaire Big Oil executives while ‘we the people’ are stuck paying higher costs," said League of Conservation Voters (LCV) senior federal advocacy campaigns director Leah Donahey.
"A recent analysis estimates the oil industry could rake in over $60 billion in additional profits this year, which would all be paid by consumers struggling with higher energy costs," Donahey added. "Congress should pass this bill as soon as possible to make sure they are putting people over oil CEO profits.”
Mitch Jones, who directs policy and litigation at the watchdog group Food & Water Watch (FWW), said Wednesday that "historical evidence could not be any clearer: Big Oil will undoubtedly leverage the current crisis in the Middle East to maximize profit margins, pinching American families and enriching their executives and Wall Street speculators."
"This demands a policy response—namely, a windfall profits tax... which would recover much of these egregious, opportunistic gains and return them to everyday Americans," Jones added. "At a time when many families are already struggling with skyrocketing energy bills caused by money-driven AI schemes from the tech industry, fossil fuel companies must be held accountable for the profiteering they are orchestrating as we speak.”
LCV and FWW are among the more than 70 groups urging Congress to pass the Big Oil Windfall Profits Tax Act.
“As instability in the Middle East once again drives up oil prices, American families are being asked to pay more for gasoline and other basic necessities,” the groups wrote Wednesday in a letter to congressional leaders. “Meanwhile, the largest fossil fuel companies stand to collect billions in additional profits. A windfall profits tax would ensure that when oil companies benefit from crisis-driven price spikes, some of those gains are returned to the households paying the cost.”
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