I’m angry that oil companies are using the war in Ukraine as a pretext to raise gasoline prices and gouge customers. This, while they are reporting their highest quarterly profits in eight years and openly bragging about how they’re spending them on stock buybacks.
To make matters worse, a report in Fortune Magazine shows they are not investing these profits in green energy to combat climate change as our planet burns.
We need reasonable price controls, and oil companies must 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 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 can do to deter this price gouging.
Senators Bernie Sanders and Ed Markey have both called for action (in 2020, Sanders introduced legislation similar to a windfall profits tax.) As Americans suffer increasingly from prices at the gas pump, now is the time to hold oil companies accountable. Thanks.
First sent on March 9, 2022 by Jessica
