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John,
Oil and gas corporations are reaping a bonanza from higher gas prices caused by pandemic supply chain disruptions and Russia’s war in Ukraine.[1] This comes after a year in which the largest oil and gas corporations combined to make a record $174 billion in profits.[2]
Apparently record profits in 2021 weren’t enough. Just look at this tweet from Bernie Sanders about their revenues this year:
To combat the huge spike in profits of oil and gas corporations that are hurting consumers, we’re calling for a windfall profits tax and for the money to be rebated to low- and middle-income consumers struggling with high prices. Sign the petition to Congress to act!
A windfall profits tax on oil and gas corporations is necessary to curb excess profits and to rebate those profits to help consumers struggling with rising out-of-pocket costs on everything from energy to healthcare to food. The American people need Congress to act.
Join Americans for Tax Fairness Action Fund and demand Congress pass a windfall profits tax on oil and gas corporations’ excess profits arising from the pandemic and Russia’s invasion of Ukraine.
Thank you for taking action today to protect the American people from price-gouging corporations.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Russia’s War Is Raising Gas Prices and Roiling Financial Markets,” New York Times, March 10, 2022
[2] “Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose,” The Guardian, Dec 6, 2021
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