Progressives Demand Windfall Profits Tax to Punish Big Oil for Effects of Progressives’ Policies

Source: Common Dreams

“Progressive members of Congress on Wednesday ramped up calls for a windfall profits tax on oil giants after President Joe Biden pleaded directly with Exxon, BP, Shell, and other companies to boost production instead of just padding their bottom lines — and hitting consumers with huge cost increases. ‘I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office,’ Biden wrote in letters to the top executives of seven major oil corporations on Tuesday. ‘But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable. The crunch that families are facing deserves immediate action,’ the president continued. ‘Your companies with my administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities.'” (06/15/22)