Hit them with a windfall profits tax
If there was any compassion or patriotism in the lot of them, which we know there isn’t, they would freeze gas prices & not even take a loss, just not make record profits while we all struggle to help the Ukrainian people.
Yes republicans including Joe Manchin have put the 'skids' on Sarah Bloom Raskins nomination at the Fed because of her concerns with global warming. How dare she! Coincidentally Joe Manchins family business and his position in the senate is peddling fossil fuels. Thanks again Joe.
The first think we should do is to tar and feather Munchin and send him on a rail. That anti -American Republican democrat has no place in congress, he is a money grabbing egotistical nobody with the brain of an ant. Without him Americans could move forward and developed some vital improvements. Get rid of him and throw the filibuster along with him. I don’t understand Biden’s thinking that the removal of the filibuster would create havoc in congress. Congress already is buried in havoc, get the job done,or Democrats will be staring at defeat in the elections
We need to also quit driving recreationally. Reduce demand. Change is very difficult but is worth the effort. When it becomes a habit you’ll be happy. I’m going to cut way back. Dramatically reducing demand will throw the scumbags into a panic. Americans need to step up and take control of their country in so many ways. Let the greedy bastards stick it where it belongs
I hope this bites the big oil companies right in their arses!!!! >>>>>. The bill —introduced by Senator Sheldon Whitehouse and Representative Ro Khanna — would tax the largest oil companies. Yes, yay!!!!
Most of all, Mr. Reich, the windfall profits tax is the “right thing to do”! Average Americans, like myself, have been penalized long enough by the oil companies and other large, monopolistic companies (pharmaceuticals, airlines, cable, sports, food, drink, and I’ll bet there are others!) with higher prices, less choices, and unhealthy practices. How much longer do we allow this to go on? What is the key to turning this long-term trend around? There’s only one sure way in my mind: that is, to elect the kind of candidates that will be courageous enough to enact laws that will benefit the people in this country that will benefit the most and, at the same time, will not significantly hurt those who can certainly afford to share their wealth with the rest of us. That’s why voting rights needs to be at the top of Biden’s and Congressional Democrats’ agendas. Enabling more of our citizens easier access to the voting booth will provide the opportunities to elect men and women who will, more often than not, do the right thing for their constituents. Without this happening I firmly believe that the historical and current economical and political trends that support the very small percentage of our citizens will continue unabated and we will continue to live in a nation dominated by the very wealthy and where the rest of us continue to live paycheck to paycheck very often in fear of possibly how much more challenging each day could become. We need a movement of the masses similar in intent as any of the great social movements of the past 150 years since our only civil war threatened to end one of the great democratic “experiments” in the history of mankind. Let us band together as we have in the past and effect a result that would prove to the world, and more importantly to ourselves, that the “experiment” has become successful.
Two points to remember: 1) demand and supply world-wide determine the price; 2) oil companies are a cartel and they determine the supply, ergo the price.
Not only has big oil made huge profits off the backs of consumers, so has the food industries, including producers and corporate giants such as Kroger. Corporate greed has reared its ugly head during the worse economic times we’ve experienced in well over a decade. I have to admit I do a slow burn at the ridiculous consumer prices today on almost every product or service.
Most of us understand the high fuel costs because of Putin’s attack on a peaceful sovereign country, and we’re willing to do whatever we can to help Ukraine. Obviously, corporations are exploiting and benefiting from this atrocity. Perhaps it’s time for consumers to intentionally cut back and hit them with decreased demand. I realize that it may be difficult when it comes to gas as people need to get to their jobs, but by eliminating non-essential travel.
The most effective solution is a “windfall tax.” It’s obvious these corporations will never do the right thing by cutting prices for the good of the nation. It’s time we take away their choice to be good corporate citizens and use the windfall tax to support people who are struggling every day because of their greed. It’s the right thing to do.
Great idea, except I totally oppose any corrupt-government scheme to send checks. Instead, mandate lower gas prices. Don't allow excess money to continue pouring into the hands of corrupt corporations and bought politicians. Politicians use it to buy their pork then make up reasons why the middle class aren't eligible for checks or make the money taxable, so the beleaguered middle class continues supporting every other class, beginning with non-tax-paying uber-rich.
But I doubt any windfall legislation could pass. Politicians show that they're bought; time to believe them. The U.S. isn't governed; it's managed by corporations and their paid political puppets. U.S. democracy is threatened by GOP and broke at the hands of both parties. It's past time for consumers to stop enabling and stand up for themselves.
A Canadian friend said he's seeing people there call for a restart of an effort that previously had success. A genuine consumer organizes other consumers and announces which brand of gas they all should buy each day. Other brands sit idle until their rotation day. With their gas supply piling up, they cut prices, so prices keep falling. I'm skeptical, but he says it worked. The strategy would mean longer lines and chosen brands running out of gas at first, but as they were left alone for the rest of the week, who knows. His Canadian friends liked results well enough to be calling for a replay. I've thought that could work with groceries. I notice that since some Democrats started avoiding Trump-supporting Goya, they're having a lot of sales. If boycotting Russian oil is a good idea abroad, then boycotting corporate greed and purchased politicians at home must be a good idea.
More needs to be done by consumers than only to turn the other cheek while Republicans continue hording money, and wealthy Democrat politicians work to give away what little the middle class has left. The middle class has no more to give. We do ot even to ourselves. "Karen" threats and other social media pressures badger middle-class consumers into saying nothing when management, by corporate policy, abuses. If unions work so well, then it's past time for non-wealthy consumers to unionize. Trickle-down economics, too, can work when prices are cut for all, rather than government restricting illusive checks -- when money can stay with all classes, including working and retired middle class, where consumers actually spend it on mainstream goods and services rather than hording and buying yachts. But common sense for common good, today, has come to sound like a proverbial pipe dream.
It’s a great idea but you have a senate full of repugnants plus a couple of Dino’s who only listen to their lobbyists who don’t give one iota about the poor or middle class. You can’t get it unless you vote (whichever of them is up for re-election) out in November. With the voter suppression laws enacted by those jerks’ in their repugnant led statehouses, makes it even more unlikely. Soon there’ll need to be a revolution to ‘reset’ the system but even that has a huge chance of going the wrong way…. I hate to say it, but, We’re screwed. Citizens United led us here combined with corporate (fox, newsmax, oann, and many more) disinformation and an educational system in the toilet.
Biden should be using the bully pulpit every day to hammer home the point that we need a windfall profits tax to counter the harm being done by the greed of the oil companies and their investors.
This'll make someone out there shriek & point like a fugitive from "Invasion of the Body Snatchers." I'm for nationalizing all critical infrastructure, goods, & services at pennies on the dollar, then handing over the budgetary tasks to the CBO to work out the >nonprofit< pricing, costs of doing business, and employee compensation. I don't seriously expect that to catch on. Nevertheless, to those that claim it can't or doesn't work, I say it's a matter of perspective. >It's not supposed to work< if your vision of a working economy involves allowing you to amass and hoard billions, as you stand on the backs of wage slaves and gouge ruthlessly every last possible penny from the public pockets! In that case, it's not supposed to work at all to achieve what >you< claim works. That's >exactly< the point. The way it's >supposed< to work is in providing all >necessary< infrastructure, goods, & services to the public affordably, while safeguarding national economic security, providing a living wage for the employees, and providing modest economic incentives to encourage those seeking promotion within the respective organizations. All else would be left for private sector "free enterprisers," or whatever the devil the currently fashionable malaprop in referring to bloody pirates, to slit each other's respective throats in competing for market share. You can host whatever idiotic ball games you please and charge whatever for tickets suits your ravenous appetites thou hungry, no >carnivorous< ghost!
Otherwise, I'm all in for the traditional way of dealing with profiteers involving a nicely fitted >necktie<.
One thing missing in this discussion is the fact that a significant amount of Big Oil stock is owned by the retirement accounts of millions of Americans, not by billionaires. A windfall profits tax on Bit Oil will hit the pocketbooks of many ordinary folks, especially those already retired. Wouldn't a gas tax suspension be a better way to help out those in need?
Prof. Reich why are you driving a gas guzzling car? You surely can afford going electrical. Also last Fall the signal from Biden to the US producers was to restrict oil production as much as possible. He was pushing the price up and there was even a serious discussion of a carbon tax (which I support) rather than giving rebates to wealthy buyers of electric luxury cars. Now to top it all off we go begging to Maduro and Salman to pump more oil and want to take the incentive away from US oil companies to pump more? The winners are the Saudis and all the countries with excess capacity who are restricting output.
I know it is hugely expensive to invest in expanding capacities. Take Chevrons biggest oil field, the Tengiz field in Kazakhstan which I have visited. Investing in expanding the field is very expensive and on top of that output is limited by an agreement between OPEC and Russia. Half of the profit goes to the government of Kazakhstan. What do you want Chevron to do? You can’t have it both ways.
Also there is no way to put an excess profit tax on ARAMCO (and others) which has excess capacities. The price of oil is high because of OPEC and drumbeat against production in the US which makes us again dependent on imports.
I think the burden of higher prices needs to be shared and therefore a temporary suspension of the gas tax is in order.
Full disclosure: I drive a BMWi3 and love it. You should too for the sake of the environment.
It's so much easier to blame Joe than think about the issue.
If, as you say "It’s good policy, it’s good politics, and it’s the right thing to do", we can be darn-well sure that the Republican right (and Joe and Kirsten) will be against it.