It’s time for Big Oil & Gas to pay their fair share!
John,
Oil and gas corporations like Exxon, BP and Shell are shamelessly taking advantage of crises across the globe. Their goal, as always, is maximum profit, regardless of who has to suffer for it.
Instead of strengthening energy security or giving consumers some relief, greedy fossil fuel corporations are focused on raking in billions, hiking gas prices and pushing for more dangerous drilling and fracking. The fossil fuel industry’s plans to expand dirty energy infrastructure would exacerbate the climate crisis. We can’t afford to let them have it their way.
Legislation was recently introduced in Congress that would put a windfall profits tax on Big Oil and use the profits to send a check to American households to help offset high energy prices – putting money back into the pockets of hard-working consumers.
The Big Oil Windfall Profits Act, introduced by Rep. Ro Khanna (D-California) and Sen. Sheldon Whitehouse (D-Rhode Island), would put a 50 percent tax on the difference between the current price and the average price of a barrel of oil between 2015 and 2019, roughly $66. It’s estimated this could raise around $35-40 billion a year.
This much-needed legislation will begin to curb the profiteering that has helped drive steep price increases that are crushing consumers.
High prices have a particularly hard impact on low-income families who are already struggling to make ends meet and are often on the frontlines of pollution and the climate crisis.
The Big Oil Windfall Profits Act is one piece of a much bigger goal – to do away with oil and gas subsidies and work towards a 100% renewable energy future. At Food & Water Watch, we won't stop fighting for a future free from Big Oil & Gas’ pollution and greed. But we need you with us to make sure this critical bill is passed.
Together, we can put pressure on our members of Congress to support the Big Oil Windfall Profits Act and take another step in the direction of the climate future we deserve.
Food & Water Watch and its affiliated organization, Food & Water Action, are advocacy groups with a common mission to protect our food, water and climate.
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