Dear John,

As crude oil prices hit levels not seen in more than 13 years, Big Oil has been raking it in.

Even before Putin’s war, oil prices had begun to rise due to the recovery in global demand and tight inventories.

Last year, when Americans were already struggling to pay their heating bills and fill up their gas tanks, Big Oil posted profits totaling $75 billion. This year, courtesy of Vladimir Putin, Big Oil is on the way to a far bigger bonanza.

But rather than use this windfall to absorb the higher costs of crude oil and help ease the burden being placed on consumers, oil companies are buying back their own stock in order to give their stock prices even more of a boost.

Days ago, the European Union advised its members to seek a windfall profits tax on oil companies taking advantage of this very grave emergency to raise their prices; and Democrats just introduced similar legislation here in the United States. The bill would tax the largest oil companies, which are recording their biggest profits in years, and use the money to provide quarterly checks to Americans facing sticker shock as inflation continues to skyrocket.

Join me in calling on Congress to pass the Windfall Profits Tax on oil and gas companies now. Americans hit hardest by rising prices need relief, and this is our chance to make it happen.

Though it’s seldom discussed in the media, lower income earners and their families bear the brunt of the burden of higher gas prices.

Not only are lower-income people less likely to be able to work from home, they’re also more likely to commute for longer distances between work and home in order to afford less expensive housing.

It’s the same old story in this country: when crisis strikes, the poor and working class are on the frontlines while the biggest corporations and their investors and top brass rake it in.

Congress needs to step in and intervene.

Add your name to urge Congress to support lower-income Americans and simultaneously disincentivise price gouging by passing the Windfall Profits Tax immediately. Sign the petition now.

A windfall profits tax on Big Oil is how the Democrats can quickly support average working people through this fuel crisis.

It’s good policy, it’s good politics, and it’s the right thing to do.

Thank you for making sure Congress hears from us today.

Robert Reich
Inequality Media Civic Action