'It is common sense' to use a windfall profits tax to provide rebates to consumers, argued Rep. RoKhanna.
"It is common sense" to use such a tax to provide rebates to consumers, argued Rep. Ro Khanna."You have these oil companies making record profits at a time of a national emergency."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.
"We also need to pair the windfall tax with significant investments in renewable energy, so that the fossil fuel industry can never hold our economy hostage again." for the sake of providing any form of relief to consumers at the pump, where the average price of gas has surged past $5 per gallon on average nationwide.
Sen. Sheldon Whitehouse , the lead Senate sponsor of windfall tax legislation in the Senate, stressed on the call that rising gas prices are"not the fault of the local gas station owner."
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