'Consumers need relief from price gouging—relief that a windfall profits tax can provide,' 126 advocacy groups said in a letter to congressional leaders.
,"Is it appropriate that during this pandemic, during the war in Ukraine, during all of this instability, that this be a moment in which large corporations continue to enjoy huge profits?"
"When oil companies, for example, are showing, as they are, historical profits, they are making huge amounts of money. They are raising prices at the pump at the same time," he said."They don't need to raise those prices. A large portion of that money is going to executives and major investors, so you want a windfall profits tax that stops them from doing that and actually rebates that money to consumers.
"The related problems of inflation and volatile commodity prices can only ultimately be solved with a swift transition away from fossil fuels," the groups continue."In the short-term, however, consumers need relief from price gouging—relief that a windfall profits tax can provide."According to "It's abhorrent that oil and gas CEOs and their allies are taking advantage of Putin's war on Ukraine and this humanitarian crisis and raising prices to line their own pockets while families shoulder the cost," said Tiernan Sittenfeld, senior vice president of government affairs at LCV, one of the new letter's 126 signatories.