U.S. Senator Richard Blumenthal (D-CT) released the following statement in support of President Biden’s announcement urging Congress to approve a three-month suspension of the 18.4 cent per gallon federal gas tax.
“I’ve urged for months that the federal gas tax be suspended and commend President Biden’s support for this action. The savings from this measure must be passed along to consumers – not hoarded by major companies – to make a measurable difference at the pump.”
“After this good first step, more must be done to combat Big Oil’s rising prices and profits. I’m demanding a windfall profits tax to give hundreds of dollars back to consumers through quarterly rebates because Big Oil companies continue to pocket record profits while consumers pay sky high prices. As I’ve advocated, we must stop price gouging with new powerful FTC enforcement tools, and pressure OPEC and producers sitting on unused leases to increase supply. Congress must take swift action to provide meaningful relief to American communities. Republicans should join us in passing this measure.”
As gas prices at the pump rise, Big Oil companies have pocketed billions in profits, with 25 top oil and gas companies announcing an astonishing $237 billion in profits in 2021 alone. To deliver relief to consumers, Blumenthal has cosponsored the Gas Prices Relief Act to temporarily suspending the federal gas tax through the end of the year; the Big Oil Windfall Profits Tax Act to curb profiteering by oil companies; and the Price Gouging Prevention Act to authorize the FTC and state attorneys general to enforce a federal ban against unconscionably excessive price increases.
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