The profits of ExxonMobil, Chevron, BP and Shell have skyrocketed by 169% so far this year to $125 billion.
While you were paying through the nose at the gas pump, Big Oil companies were using the cover of inflation to line their pockets.
It's time for a windfall profits tax.
California is planning something along those lines:
Of course, some of the “usual voices” are calling for taxes to be reduced instead
Personally, I’d like to see a “minimum price” established for gas, with then annual increments.
People keep indulging in wishful thinking that gas prices will return to an absurd low and basing purchasing decisions on that. And price becomes a political football.
Instead establish a “baseline” — e.g. it will never go below e.g. $4/gallon again. People can then start appropriately planning for a transition to higher-efficiency vehicles (including EVs).
Robert Reich
Voron
mmalc
cecile