Climate Power Responds to President Biden’s Windfall Profits Tax Announcement
WASHINGTON, D.C. – Today, as the biggest oil and gas CEOs report staggering profits and efforts to reward their already wealthy shareholders with billions of dollars more, President Biden pushed for a transformative windfall profits tax that would hold these polluters accountable for their excessive profits due to price gouging. Earlier this year, every Republican in the House of Representatives voted against legislation that would do just this. In response, Climate Power Executive Director Lori Lodes issued the following statement:
“Big Oil CEOs proved again this quarter that they are willing to do anything to enrich their wealthy shareholders over lowering costs for people. These CEOs are robbing Americans of their hard-earned money, and it’s time we hold them accountable. President Biden’s proposed windfall tax will do just that. This action is in stark contrast to Republican leaders, who are taking millions in campaign cash from Big Oil and protecting the industry at every turn.
“Democrats are lowering costs for the American people by passing the historic climate law that will invest in a clean energy economy and create jobs. A windfall tax on excessive oil and gas CEOs profits would provide yet another tool to help reign in corporate price gouging. This November, a vote for Democrats is a vote not just for climate, but for keeping money where it is needed most – in working families’ bank accounts.”
Americans overwhelmingly support action to lower gas prices and hold Big Oil accountable for profiteering. According to a new battleground poll from Climate Power and Data for Progress, 82% of voters want Congress to pass legislation to protect consumers from high home heating and gas prices. In a poll conducted by Hart Research, 80% of voters support a windfall profits tax, and found that a significant amount of voters place blame on oil dependence and price gouging for high gas prices.