With big oil companies poised to reap billions of dollars in profits from the war in Iran, Democratic lawmakers and progressive groups are calling for a windfall tax on major fossil fuel companies.
The US-Israeli strikes on Iran have triggered the largest ever disruption to fuel supply, according to the International Energy Agency, sending crude costs surging over $100 per barrel in recent days. Those high prices have hit US pocketbooks, with average domestic gas prices topping $3.70 a gallon, and Americans spending more than an additional $2bn to fill their tanks in the past fortnight according to one estimate.
