Memo to politicians: it's time for a windfall profits tax on Big Oil (.)
It’s getting a little ridiculous. Big oil companies like ExxonMobil are making a killing, while American consumers are getting killed at the pump. How much longer are politicians going to let this happen?
Public Citizen President Robert Weissman explains the situation:
“ExxonMobil and Shell today announced skyrocketing profits, as did BP yesterday, and as Chevron will tomorrow. The reason is simple: Prices at the gas pump are jumping, even though the cost of drilling hasn’t changed for the giant integrated firms. Big Oil is able to pocket the difference – at the direct expense of consumers. ”
As Weissman sees it,
Beneficiaries of such a windfall certainly should not be the recipients of billions in government subsidies.
“Even more fundamentally, there is an obvious response to the windfall profits of the oil companies: a windfall profits tax.”
Public Citizen has proposed a windfall profit tax before. Now, we are fighting for it again. The concept is simple. Weissman explains:
“The government should tax the windfall profits of the oil giants, and invest the money in renewable energy programs, so that we reduce our dependence on oil and dirty energy.”
Write that one down this time lawmakers. It’s a keeper.