Elizabeth Warren wants to tax fossil fuel companies’ profits to prevent them from fleecing customers at the gas pump.
fossil fuel companies not to increase prices in order to pad profits, but without concrete action, companies have no reason not to continue on their current path.of a windfall profits tax for oil companies in order to combat profiteering at the pump, but have not yet formally announced a bill. Last week, Sen. Bernie Sanders suggested the proposal in a tweet, saying that corporations are using the crisis in Ukraine and the pandemic “as an excuse to price gouge customers.
On Wednesday, Whitehouse also gestured toward the idea in a series of tweets. “This is Putin’s gas price increase. There can be no ‘energy independence’ as long as we power our economy with commodities whose value is determined by global events beyond our control,”“Furthermore, the fossil fuel industry should not be allowed to take advantage of a crisis by hiking prices and collecting a massive windfall,” he continued, saying that the U.S. would do better to switch to renewable energies.
Republicans have jumped on high gas prices, saying that the Biden administration isn’t doing anything to mitigate the problem. Earlier this week,ignoring the fact that the pandemic and mass quarantining had made prices plunge.
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