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.
Kathy, there's no compassion or patriotism in a corporation. They have no feelings, no loyalty, no brains, no hearts. Their only purpose is to maximize shareholder returns. It's up to Congress and the President (and state governments) to enact laws and promulgate regulations that force corporations to act in the public's interest. The problem is that the biggest corporations use their profits to corrupt politicians with campaign contributions, making it impossible to enact such laws and regulations. Big Oil does this as much as any. Look at Joe Manchin, for example. Until we undo this vicious knot and get real campaign finance reform, I'm afraid big corporations will continue to defy the public interest (except in those rare instances when corporate PR requires that they act responsibly).
Using your first 3 sentences should be enough to get citizens united overthrown. THEY ARE NOT PEOPLE.PERIOD! We need to elect some legislators that will see the difference. Tell them to become STATESMEN NOT POLITICIANS!!
Many US energy companies are controlled by foreign interests. The Saudis control OPEC, the "market maker" for the price of oil internationally by fixing output. The Saudis own the largest oil refineries in the US and control a number of US oil producers.
On April 12, 2020, under pressure from Trump, the world’s biggest oil-producing nations outside the United States agreed to the largest production cut ever negotiated.
OPEC, Russia and other allied producers slashed production by 9.7 million barrels per day (bpd), or about 10% of global output. Half that volume came from cuts of 2.5 million bpd each by Saudi Arabia and Russia, whose budgets depend on high oil-and-gas revenues.
This was done because the dramatic reduction in demand caused by the pandemic reduced gasoline prices to the point where it was hurting American Oil company profits.
To protect those oil companies, Trump essentially extorted the Saudis to cut production.
I believe (I need to be fact checked on this point) that the deal does not expire until next month.
In the meantime as Robert documents, American Oil companies have achieved record, multi-billion profits. While no president is responsible for the price of gasoline at the pump, largely a function of supply, demand and corporate greed, Trump cut supply.
Once demand was restored, we were stuck with Trump's short-sightedness. Friday, the price of oil dropped by over 12% and the stock market began its recovery, with the Dow rising 631 points.
A NYT headline “World shares rise, oil falls 13% on diplomacy, OPEC nation's pledge” means that Trump's deal is expiring and OPEC will ramp up production.
We should be able to sue in antitrust. This used to be a bipartisan issue.
Is there a reluctance to use antitrust? Aren't the oil companies price gouging? U S should learn a lesson and develop alternate energy sources immediately.
KANSAS CITY, Mo. — Reps. Sharice Davids and Emanuel Cleaver II are among 32 members of Congress who signed a letter to U.S. House and Senate leadership requesting “immediate investigations” and “public hearings on alleged price gouging within the oil and gas industry.”
Davids, a Democrat from Kansas, and Cleaver, a Democrat from Missouri, said the inquiry ought to be a “top priority” for Congress through the end of 2022 in a March 10 letter.
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.
I find Manchin's treatment of Raskin abominable, on par with Mitch McConnell's ploys. The people of West Virginia deserve better. America deserves better. Manchin has shown himself to be the worst of all worlds -- a Democrat who takes gobs of money from big corporations, and a Republican who doesn't give a damn about average working people.
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
Yes! Carpool, use public transportation, bicycle, walk, adjust your home thermostat, and other conservation measures are simple to implement and may actually save you money. The less energy you use, the less control the energy companies have over you.
Gas can only be stabilized for a few months. After that it gets bad. Like the gas left in your lawnmower from last year. So the less we drive and the less gas is used and the more the stockpile builds up. Gas will start to drop then.
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.
Whoa, I think you just said something very important, Mo: a consumers’ union. As I remember, Consumer Reports is published (or was) by something called a consumers’ union. My memory of this isn’t so good but what a wonderful idea!
My cousin was a national sales manager for a restaurant supply company. Many of her customers were "buyers groups," smaller businesses (some, not so small) grouped together to strengthen their buying power. With all the consumers in the country, there's definitely a lot of power, but no one seems to be using it. The first hurdle would be finding an organizer who isn't in it for some self-serving reason that would invalidate effectiveness. Then there'd be the problem of promoting and recruiting participants. Two terms as a town meeting rep dissuade me from thinking "committee" or magazine publishing company or other buisiness owner. Conflict. I'd go for a super-smart benevolent dictator-consumer as an organizer, if there exists such a being. Wishful thinking...
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?
Not really, it would only save about $.18 per gal gasoline or $.24 for diesel in federal tax. Doesn’t affect my retirement account at all. If I bought 15 gallons of gas without tax I would only save $2.75. I couldn’t even afford a decent lunch or a gallon of milk with that.
I am glad it does not affect your retirement account, but a windfall profit tax would affect the retirement account of anyone who has a pension, since most pension plans own big oil stocks. Someone who drives an 18 wheeler truck for a living would save several thousand dollars a year with suspension of the federal diesel tax. They drive around 100,000 miles per year in a truck that gets 6 mpg.
I drove as part of a team for a trucking company for a few years back in the mid 1980’s. One year we ran over a million miles. Yeah it was a rough year. Hunts point produce market in NY (not a nice place) to places near Fresno in CA as fast as you could run them. We usually averaged about 8 mpg. Thankfully the company paid for fuel, truck upkeep & repairs. But most companies don’t have pension plans for drivers and they don’t pay their drivers well either. So unless you own your own truck and it’s paid for you’re not making any money, just breaking even and the driver doesn’t get a pension. That’s why I left trucking to get a better education, better job, and a retirement plan that would supply me in old age.
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.
Hartmut Fischer ; You have Republican ideas, it seems. Biden has supporters who do not want more drilling here. There are those who vote Democrat who want to save our ecosystem. This could be an opportunity to ramp up green energy. Green jobs. With electric vehicle production, solar and water power and wind power.
So to support a carbon tax is a Republican idea? It is supported by the vast majority of economists. This vilification is at the root of our dreadful divisions in this country. Shame on you!
I deeply care about the environment do you? What kind of car do you drive? Do you have solar panels in your roof? Do you take public transportation even if it is not convenient? Do you set your thermostat on low and wear warm clothes at home when it gets cold? Do you minimize flying and pay a carbon fee when you do? I could go on. When you do all these things then you can judge others and call them Republicans. But it still would be a mistake to use the kinds of labels.
Hartmut F ; We have a Chevy that is what we can afford. We have solar panels on the roof, and have since 2016. We dress warmly and keep our thermostat low. We rarely fly; one trip in 16 years to see our daughter. Before carbon fees existed. There is no bus service where we are. You do go on. Do you do all of these things?
Hartmut Fischer ; Republican is not a 'label', it is a political party that is currently loyal to our previous president who is a criminal, mean spirited, sexist, rascist, greedy and generally dishonest. He is not a patriot, has no empathy and does not respect the rule of law.
H F. ; You obviously jet over to foreign oil fields. You drive an expensive car that happens to be electric. You must have profitable investments. Everyone has a different point of view. Some have more resources than others. That is why I and many others want to see affordable green energy, and sustainable business practices.
I cannot afford to buy an electric car at this time. .President Biden has talked about making electric cars affordable. That was before Putin did his 'genius' move on Ukraine, (according to tRump).
Laurie. Hartmut Fischer made good points. During an all out war is NOT the time to ramp up green. America was energy independent in 2020. What happened since then?
The BPIA already provides for resilient green infrastructure. We can be more thoughtful in the current environment about all energy use and policy. Natural gas is half the carbon loaf of coal, eg. IMHO.
Is it not illegal to price gouge during a time of crisis? This has not been enforced during the pandemic. It should be now! Cost of fuel is driving inflation. Cost to transport groceries and other necessities means higher costs for all of us
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.
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.
Kathy, there's no compassion or patriotism in a corporation. They have no feelings, no loyalty, no brains, no hearts. Their only purpose is to maximize shareholder returns. It's up to Congress and the President (and state governments) to enact laws and promulgate regulations that force corporations to act in the public's interest. The problem is that the biggest corporations use their profits to corrupt politicians with campaign contributions, making it impossible to enact such laws and regulations. Big Oil does this as much as any. Look at Joe Manchin, for example. Until we undo this vicious knot and get real campaign finance reform, I'm afraid big corporations will continue to defy the public interest (except in those rare instances when corporate PR requires that they act responsibly).
Using your first 3 sentences should be enough to get citizens united overthrown. THEY ARE NOT PEOPLE.PERIOD! We need to elect some legislators that will see the difference. Tell them to become STATESMEN NOT POLITICIANS!!
Is there a possibility of a letter campaign to the boards of these companies? I think a flood of post cards might have an effect.
They only speak $$$$$. Makes me wonder if the nation banded together & tried to use minimal or no gas 1x/mo if that would get their attention?
Makes me wonder if the nation banded together & tried to use minimal or no gas 1x/mo if that would get their attention?
So many crucial problems to solve. It sometimes seems hopeless.
Many US energy companies are controlled by foreign interests. The Saudis control OPEC, the "market maker" for the price of oil internationally by fixing output. The Saudis own the largest oil refineries in the US and control a number of US oil producers.
On April 12, 2020, under pressure from Trump, the world’s biggest oil-producing nations outside the United States agreed to the largest production cut ever negotiated.
OPEC, Russia and other allied producers slashed production by 9.7 million barrels per day (bpd), or about 10% of global output. Half that volume came from cuts of 2.5 million bpd each by Saudi Arabia and Russia, whose budgets depend on high oil-and-gas revenues.
This was done because the dramatic reduction in demand caused by the pandemic reduced gasoline prices to the point where it was hurting American Oil company profits.
To protect those oil companies, Trump essentially extorted the Saudis to cut production.
I believe (I need to be fact checked on this point) that the deal does not expire until next month.
In the meantime as Robert documents, American Oil companies have achieved record, multi-billion profits. While no president is responsible for the price of gasoline at the pump, largely a function of supply, demand and corporate greed, Trump cut supply.
Once demand was restored, we were stuck with Trump's short-sightedness. Friday, the price of oil dropped by over 12% and the stock market began its recovery, with the Dow rising 631 points.
A NYT headline “World shares rise, oil falls 13% on diplomacy, OPEC nation's pledge” means that Trump's deal is expiring and OPEC will ramp up production.
We should be able to sue in antitrust. This used to be a bipartisan issue.
https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting_Cartels_Act
Is there a reluctance to use antitrust? Aren't the oil companies price gouging? U S should learn a lesson and develop alternate energy sources immediately.
KANSAS CITY, Mo. — Reps. Sharice Davids and Emanuel Cleaver II are among 32 members of Congress who signed a letter to U.S. House and Senate leadership requesting “immediate investigations” and “public hearings on alleged price gouging within the oil and gas industry.”
Davids, a Democrat from Kansas, and Cleaver, a Democrat from Missouri, said the inquiry ought to be a “top priority” for Congress through the end of 2022 in a March 10 letter.
Oil companies are multinational corporations and are not loyal to the US! Robber barons!
USA-based oil companies should be nationalized and run for the benefit of the American people.
Having been involved in the oil industry I have never understood why this natural resource does not belong to the people.
True this!
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.
https://www.politico.com/news/2022/02/08/manchin-family-coal-company-00003218
I find Manchin's treatment of Raskin abominable, on par with Mitch McConnell's ploys. The people of West Virginia deserve better. America deserves better. Manchin has shown himself to be the worst of all worlds -- a Democrat who takes gobs of money from big corporations, and a Republican who doesn't give a damn about average working people.
I just hope that Manchin and Kyrsten Sinema don't torpedo Judge Jackson's appointment.
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
Yes! Carpool, use public transportation, bicycle, walk, adjust your home thermostat, and other conservation measures are simple to implement and may actually save you money. The less energy you use, the less control the energy companies have over you.
Gas can only be stabilized for a few months. After that it gets bad. Like the gas left in your lawnmower from last year. So the less we drive and the less gas is used and the more the stockpile builds up. Gas will start to drop then.
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!!!!
Yes! This is needed.
Thank you so much!
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.
How will a windfall profit tax bring down the price of gasoline at the pump? Would it not have just the opposite effect.
Amen to that!
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.
Boycott.
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.
Whoa, I think you just said something very important, Mo: a consumers’ union. As I remember, Consumer Reports is published (or was) by something called a consumers’ union. My memory of this isn’t so good but what a wonderful idea!
My cousin was a national sales manager for a restaurant supply company. Many of her customers were "buyers groups," smaller businesses (some, not so small) grouped together to strengthen their buying power. With all the consumers in the country, there's definitely a lot of power, but no one seems to be using it. The first hurdle would be finding an organizer who isn't in it for some self-serving reason that would invalidate effectiveness. Then there'd be the problem of promoting and recruiting participants. Two terms as a town meeting rep dissuade me from thinking "committee" or magazine publishing company or other buisiness owner. Conflict. I'd go for a super-smart benevolent dictator-consumer as an organizer, if there exists such a being. Wishful thinking...
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.
The repugnants will use gas prices to drive votes in the midterms. Ugh.
See my comment above, Sen. Grassley R. Iowa, is sponsor of a NOPEC bill....
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<.
My hero! 😘😘👏👏👏👏👏👏
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?
Not really, it would only save about $.18 per gal gasoline or $.24 for diesel in federal tax. Doesn’t affect my retirement account at all. If I bought 15 gallons of gas without tax I would only save $2.75. I couldn’t even afford a decent lunch or a gallon of milk with that.
I am glad it does not affect your retirement account, but a windfall profit tax would affect the retirement account of anyone who has a pension, since most pension plans own big oil stocks. Someone who drives an 18 wheeler truck for a living would save several thousand dollars a year with suspension of the federal diesel tax. They drive around 100,000 miles per year in a truck that gets 6 mpg.
I drove as part of a team for a trucking company for a few years back in the mid 1980’s. One year we ran over a million miles. Yeah it was a rough year. Hunts point produce market in NY (not a nice place) to places near Fresno in CA as fast as you could run them. We usually averaged about 8 mpg. Thankfully the company paid for fuel, truck upkeep & repairs. But most companies don’t have pension plans for drivers and they don’t pay their drivers well either. So unless you own your own truck and it’s paid for you’re not making any money, just breaking even and the driver doesn’t get a pension. That’s why I left trucking to get a better education, better job, and a retirement plan that would supply me in old age.
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.
Hartmut Fischer ; You have Republican ideas, it seems. Biden has supporters who do not want more drilling here. There are those who vote Democrat who want to save our ecosystem. This could be an opportunity to ramp up green energy. Green jobs. With electric vehicle production, solar and water power and wind power.
There is also hydrogen fuel.
So to support a carbon tax is a Republican idea? It is supported by the vast majority of economists. This vilification is at the root of our dreadful divisions in this country. Shame on you!
Same to you if you don't care about our environment.
I deeply care about the environment do you? What kind of car do you drive? Do you have solar panels in your roof? Do you take public transportation even if it is not convenient? Do you set your thermostat on low and wear warm clothes at home when it gets cold? Do you minimize flying and pay a carbon fee when you do? I could go on. When you do all these things then you can judge others and call them Republicans. But it still would be a mistake to use the kinds of labels.
Hartmut F ; We have a Chevy that is what we can afford. We have solar panels on the roof, and have since 2016. We dress warmly and keep our thermostat low. We rarely fly; one trip in 16 years to see our daughter. Before carbon fees existed. There is no bus service where we are. You do go on. Do you do all of these things?
What I resent are your ad hominem arguments which is what is deeply wrong with much of the political discourse.
Hartmut Fischer ; Republican is not a 'label', it is a political party that is currently loyal to our previous president who is a criminal, mean spirited, sexist, rascist, greedy and generally dishonest. He is not a patriot, has no empathy and does not respect the rule of law.
That’s what you are labeling me and I find it totally disgusting and disgraceful!
Hartmut F ; I have not mentioned a carbon tax. That is another conversation
I drive an electric car as a small contribution to saving the planet. Do you?
H F. ; You obviously jet over to foreign oil fields. You drive an expensive car that happens to be electric. You must have profitable investments. Everyone has a different point of view. Some have more resources than others. That is why I and many others want to see affordable green energy, and sustainable business practices.
I cannot afford to buy an electric car at this time. .President Biden has talked about making electric cars affordable. That was before Putin did his 'genius' move on Ukraine, (according to tRump).
Laurie. Hartmut Fischer made good points. During an all out war is NOT the time to ramp up green. America was energy independent in 2020. What happened since then?
The BPIA already provides for resilient green infrastructure. We can be more thoughtful in the current environment about all energy use and policy. Natural gas is half the carbon loaf of coal, eg. IMHO.
“load” not loaf! I have Irish Soda Bread baking on my mind...or is it an St. Patrick’s Day algorithm? Ha!
You hit the nail on the head!
My remarks were about a time before Putin's 'genius' attack on Uktraine. Birds of a feather....
Is it not illegal to price gouge during a time of crisis? This has not been enforced during the pandemic. It should be now! Cost of fuel is driving inflation. Cost to transport groceries and other necessities means higher costs for all of us
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.