“…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.
This type of windfall isn’t a fluke. We’ve seen this pattern for decades.
Oil has a way of appearing in the background of every chapter of U.S. military intervention in the Middle East and beyond. Iran nationalized its oil industry in the 1950s and a CIA-backed coup followed. Iraq, sitting on some of the world’s largest reserves, was invaded in 2003. And earlier this year, the U.S. invaded Venezuela and immediately began plans for a taxpayer-backed oil industry takeover.
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As oil executives profit off the war in Iran, Congress must once again push for a windfall profits tax on the largest oil companies. This isn’t an outlandish idea. Other countries have already done it. After the 2022 energy shock, the United Kingdom enacted a windfall tax on oil and gas companies, raising about $3.3 billion in its first year and roughly $4.5 billion the next — money used to help households pay their energy bills…”