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Senator Warren Wants ‘’Windfall Tax’’ On Oil Profits

As prices at the pump continue to rise for Americans, and as U.S. President Joe Biden warns oil and gas companies about price-gouging to take advantage of profits from the fallout of the Russia-Ukraine war, Senator Elizabeth Warren reveals she is gearing up to propose a new windfall tax on oil profits.

“Big Oil’s first priority is to maximize profits,” Warren said in a Tweet on Wednesday. “We can’t let them use Putin’s invasion as an excuse to pad their bottom line with war-fueled profits.”

Warren said she was working with Senate Democrats on the new tax proposal, which may or may not end up being included in President Biden’s revised plans. 

The bill would target windfall profits, sudden and usually large profits for oil companies in light of the Russian invasion of Ukraine. 

“Look, we get it, supply and demand, that prices go up. But profit margins should not go up,” Warren told MSNBC on Tuesday. “That’s just oil companies gouging when they do that.”

The U.S. national current average for gas prices as of Wednesday is $4.252, up from $4.171 yesterday and $3.656 a week ago, according to AAA

Attorneys General in multiple states have been warning consumers about price-gouging. 

Could the bill possibly earn bipartisan support? 

East Bay Congressman John Garamendi, one of the figures set to investigate claims of price gouging, said that while no one had reached out to Republicans yet, he expected those in “urban and suburban areas” due to rising gas prices, but he expected strong opposition from those in the oil patch. 

Shareholders of American oil companies are getting rewarded for the first time, and that “windfall” tax represents long overdue dividends for investors who got taken for a ride in the first shale boom and are only now reaping the rewards. 

By Julianne Geiger for Oilprice.com

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  • Jim cunningham on March 10 2022 said:
    I saw a gas station raise their fuel prices over a $ dollar per gallon and yet they haven't bought any fuel from their suppliers in 3 weeks - gas station owners are helping the cost of fuel go high - by taking advantage of people at this time - yes oil is high right now but the fuel from the high oil prices hasn't hit the gas stations yet and won't for 90 days - but with higher oil prices comes new capital spending from oil companies and more jobs etc.
  • William Halliday on March 10 2022 said:
    Is Warren going to return the losses these companies incurred just a couple of years ago? What about the jobs lost? Apple still has higher margins than any oil company.
  • Terwent Eddleshall on March 10 2022 said:
    No, that will kill off the industry, and they will only have to import all oil from South America and Middle East. If you think it’s expensive now, then it’ll be ten times more expensive then. Not very clever.

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