There should be massive taxes on corporate war profiteering

I wouldn’t be opposed to a 100% windfall profits tax, myself.

Trump’s invasion of one of the world’s most oil-rich regions jolted energy markets, sending gas prices soaring to the highest level in either of his terms. In 2024 he campaigned on cutting them in half. Instead, Americans are now on track to pay roughly $720 more for gasoline this year.

The full cost to working families will be much steeper as high gas prices drive up prices on consumer goods across the board. We’re already seeing that ripple effect take hold, as the U.S. Postal Service has proposed a temporary 8 percent fuel surcharge on package deliveries to offset rising transportation costs tied directly to the war-driven spike in oil prices.

At the same time, the oil and gas companies that invested at least $75 million in Trump’s reelection are cashing in on this instability. A recent Financial Times analysis estimates that U.S. oil companies could collect an additional $63 billion in revenue this year if crude prices remain at these wartime levels. In March alone, the industry is expected to generate $5 billion in extra cash flow. - In These Times