'We need a windfall profits tax on Big Oil,' said RBReich.
"This tax would help rein in Big Oil's profiteering and put money directly in the pockets of consumers," said Rep. Ro Khanna.Progressives are arguing that Wall Street's new prediction of worsening pain at the pump for U.S. consumers this summer underscores the need for Congress to pass Democratic lawmakers' overwhelmingly popular bill to impose a windfall profits tax on Big Oil.
Oil prices have already increased by roughly 50% this year as a result of Russia's invasion of Ukraine and mismatches in supply and demand. As of Tuesday, Brent crude, the international benchmark, and WTI crude, the U.S. benchmark, traded at approximately $119 and $118 a barrel, respectively, while the nationwide average price for a gallon of gas hit
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