Fossil fuel companies are using the war in Ukraine as a pretext to raise gas prices, gouge customers, and doom the climate. Only a windfall profits tax can rein in their greed, and redirect their ill gotten billions to clean energy and climate action.
Let’s start with the facts: At a Congressional hearing last week, the CEOs of all the big oil companies swore *under oath* that they had their largest quarterly profits in eight years and spent it all on stock buybacks bonuses that benefit the top executives and CEOs. To make matters worse, reporting and those same oil CEOs testimony shows they are not investing anywhere near enough in green energy to combat climate change as our planet burns.
Enough. Hearings are well and good but what we need from Congress is action. Sign now to tell them to enact price controls, and make oil companies pay a windfall profits tax.
A windfall tax would levy a tax on profits made by fossil fuel companies in response to the Ukraine invasion, and also tax profits made as inflation has risen. This can discourage oil companies from artificially inflating gas prices. And it’s one of the few things Congress or the Biden Administration can do to deter this price gouging.
Senators Bernie Sanders and Ed Markey have both called for action in recent days, and in 2020 Sanders introduced similar legislation to a windfall profits tax. As Americans get anxious with prices at the gas pump, now is the time to hold oil companies accountable.