Tell Congress: Pass the Big Oil Windfall Profits Tax

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I am writing in support of recent legislation introduced by Sen. Sheldon Whitehouse (D-RI) and Rep. Ro Khanna (D-CA), the Big Oil Windfall Profits Tax, and strongly urge you to support the bill.

Crude oil prices are sharply rising, and gas at the pump is on average a dollar more than last year, at $4.21 per gallon. Companies like BP and Shell are raking in billions in additional profits, and if those profits were taxed, that money could go towards reducing energy bills for consumers.

By increasing taxes on big oil companies and providing direct payments to the public, we can help offset the economic hardship caused by high prices in the first place. We can help consumers with high energy prices by making Big Oil pay a tax on their windfall profits and sending a check to every American.

Please consider co-sponsoring the Big Oil Windfall Profits Tax. Thank you.

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    In 2021 alone, Exxon Mobil, Shell, BP, and Chevron made a combined $75 billion in profits and they’re currently raking in billions more. New analysis reveals that high oil prices due to Russia’s invasion of Ukraine will net the U.S. upstream oil and gas industry a windfall of $37 to $126 billion (USD) in 2022 alone.

    The Big Oil Windfall Profit Tax would implement a tax on all barrels of oil sold above the average Brent crude price between 2015-2019, roughly $66 a barrel. It’s estimated this could raise around $35-40 billion a year. Checks would be distributed via the same mechanism as the American Recovery Plan. A windfall profits tax on Big Oil would mean that fifty percent of those undeserved profits would be taxed at a higher rate, discouraging artificial price inflations.

    Join us and urge your elected members in Congress to co-sponsor and support the Big Oil Windfall Profits Tax.