[ The Presidents best course of action is to keep the pressure up
on Big Oil by going all in on a windfall profits tax.]
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PRESIDENT BIDEN MUST PASS A WINDFALL TAX
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Cassidy DiPaola
November 5, 2022
Common Dreams
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_ The President's best course of action is to keep the pressure up on
Big Oil by going all in on a windfall profits tax. _
U.S. President Joe speaking in the White House August 24, 2022 in
Washington, DC. , Alex Wong/Getty Images
PRESIDENT BIDEN HAS THE opportunity to show the public he stands with
them instead of Big Oil. He's set up a clear choice for the fossil
fuel executives gouging American families at the pump: lower prices or
face the consequences.
In a blistering speech on Monday, President Biden told oil and gas
companies that if they don't bring down costs for working families,
his administration will work with Congress to consider "requiring oil
companies to pay tax penalties and face other restrictions." According
to reports, the policy the White House is considering is a Big Oil
Windfall Profits Tax, which could tax the industry's windfall profits
and use the revenue to send relief directly to the American public.
A windfall profits tax is exactly the right approach, as Big Oil
continues to gouge Americans at the pump and on our home energy bills.
As third quarter earnings reports are announced, Big Oil companies are
breaking records with their latest haul—reportedly raking in over
$50 billion dollars
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in just the last 90 days. That brings their total to just over $303
billion
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and the year isn't even over yet. Instead of lowering prices or
investing in clean energy solutions, Big Oil is using their massive
profits for $155 billion
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of record stock buybacks and dividends designed to enrich their CEOs
and wealthiest shareholders.
A Big Oil Windfall Profits Tax—initially proposed last March by
Senator Sheldon Whitehouse and Representative Ro Khanna—would tax
these obscene profits and use the revenue to provide direct relief to
working people. Experts estimate that, given the sheer size of profits
from these companies, a windfall profits tax would likely raise tens
of billions of dollars
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–enough to send families hundreds of dollars in relief ahead of this
winter.
Not only has a windfall profits tax caught President Biden's eye, it's
also garnered widespread popularity across the country, and around the
world. Polling in July showed three in five Americans agree
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that big oil and gas company CEOs are using the pandemic and war in
Ukraine as an excuse to raise prices, with a staggering 80 percent of
voters supporting a windfall profits tax
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earlier this year. In Congress, 82 Members have endorsed some version
of windfall profits tax legislation, with support growing by the day.
And the U.S isn't the only country talking about it: a windfall
profits tax has already been passed by several European countries,
including the United Kingdom, where the policy was implemented by the
Conservative government as a way to combat high energy prices.
In his speech on Monday, the President said that he'd pursue a
windfall tax if Big Oil didn't start increasing production and
investing in America. There's no need to wait. Oil and gas CEOs have
been ignoring the need to help the public by lowering prices all year,
all while lining their own pockets and giving millions of dollars to
Republican politicians who fight any pressure on the fossil fuel
industry . Meanwhile, the U.S is already producing near record amounts
of oil and gas, but prices at the pump remain high because Big Oil is
profiteering from global disruptions caused by the war in Ukraine.
Besides, increasing production will only increase climate- wrecking
pollution, while doing little to lower prices. As we transition to
clean and affordable energy for all, a windfall profits tax can
provide immediate relief to people who are struggling right now to pay
for expensive fossil fuels.
The President's best course of action is to keep the pressure up on
Big Oil by going all in on a windfall profits tax. It is a popular way
to hold Big Oil CEOs accountable while getting relief directly to the
American public now. As President Biden said, "The American people are
going to judge who's standing with them, and who is only looking out
for their bottom line." Despite Big Oil's effort to defend their
profits and hide behind their allies in Congress, Americans know that
Big Oil is to blame for their pain at the pump. It's time President
Biden and Congress truly stand with the American people and pass a
windfall profits tax as soon as possible.
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel
free to republish and share widely.
[ScreenShot] [[link removed]]
Cassidy DiPaola is the Spokesperson and Campaign Manager for the Stop
The Oil Profiteering Campaign at Fossil Free Media.
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