When prices at the pump jump, families pay more to get to work, drop kids at school, and buy groceries. Oil companies keep paying out to shareholders. Supporters of the Big Oil Windfall Profits Tax Act make the point plainly: the cost of producing oil did not change. What changed is what Big Oil decided to charge. The bill answers that with a targeted tax on oil company profits above a historical baseline, and it sends the revenue back to consumers as a rebate. Ordinary Americans are being asked to absorb the pain of high fuel costs. The companies collecting the extra profit should share the burden. A windfall tax puts the money back in the pockets of the people who paid for it at the pump. Pass the Big Oil Windfall Profits Tax Act and send the revenue back to consumers as rebates.
