{"id":2609,"date":"2026-06-30T09:36:19","date_gmt":"2026-06-30T09:36:19","guid":{"rendered":"https:\/\/hometransferguide.com\/?p=2609"},"modified":"2026-06-30T09:36:19","modified_gmt":"2026-06-30T09:36:19","slug":"democrats-try-to-grave-rob-jimmy-carters-oil-tax","status":"publish","type":"post","link":"https:\/\/hometransferguide.com\/?p=2609","title":{"rendered":"Democrats Try To Grave-Rob Jimmy Carter\u2019s Oil Tax"},"content":{"rendered":"
\n
<\/p>\n

Democrats are trying to revive a Carter-era redistribution tax targeting oil producers.<\/p>\n

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Democratic Rhode Island Sen. Sheldon Whitehouse and Democratic California Rep. Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act, according to a March press release. The bill aims to place a 50% tax on the difference between the current year\u2019s price per barrel of oil with the previous year\u2019s, focusing on companies that produce at least 300,000 barrels annually. (RELATED: Democrats Are Trying To Restrict Gas Exports Again<\/strong>)<\/p>\n

Whitehouse\u2019s and Khanna\u2019s offices did not respond to the Daily Caller News Foundation\u2019s request for comment.<\/p>\n

\u201cI\u2019m proud to reintroduce the Big Oil Windfall Profits Tax Act alongside Senator Whitehouse to stop Big Oil from profiteering off of foreign wars at Americans\u2019 expense and deliver real relief at the pump,\u201d Khanna stated in the press release.<\/p>\n

The tax redistributes $33 billion in revenue toward single-filers who earn up to $75,000 annually, according to the press release. The income limit for joint filers is twice this amount.<\/p>\n

<\/p>\n

President Jimmy Carter tried a similar tax in 1980 following an oil crisis sparked by the 1979 Iranian Revolution. The Crude Oil Windfall Profit Tax Act of 1980 aimed to tax oil barrel profits by 30-70% depending on which of three tiers the oil producer fell under.<\/p>\n

Congress repealed the tax in 1988 after it made the U.S. less energy independent by decreasing domestic oil production while increasing oil imports.<\/p>\n

\n
\n\"WASHINGTON,\n<\/div>\n

Sen. Sheldon Whitehouse (D-RI) speaks during a Senate Judiciary Committee hearing on November 10, 2020 on Capitol Hill in Washington, DC. (Photo by Susan Walsh \u2013 Pool\/Getty Images)<\/p>\n<\/div>\n

\u201cAmerican consumers are once again getting squeezed at the gas pump as President Trump\u2019s war of choice in Iran sends gas prices soaring and money flowing to his Big Oil donors,\u201d Whitehouse stated. \u201cWe should send any big windfall for Big Oil back to the hardworking people who paid for it at the gas pump. Over the longer term, accelerating our transition to clean energy will lower energy costs, insulate consumers from these kinds of price spikes, and reduce America\u2019s dependence on foreign despots and greedy fossil fuel companies.\u201d<\/p>\n

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<\/p>\n

Weeks after the Iran War started in February, gas prices rose 80 cents per gallon on average, the bill\u2019s claims. It also claims Qatar warned oil prices could reach $150 per barrel in coming weeks \u2013 well above the Biden administration\u2019s March 2022 high of $139.<\/p>\n

Oil prices returned to pre-Iran War levels, The New York Times reported\u00a0Friday.<\/p>\n

The March one-pager then blames oil producers for the high gas prices that followed the Biden administration\u2019s 2022 interventions in the Russo-Ukrainian war and handling of the COVID-19 pandemic, noting that ExxonMobil doubled its profits that year.<\/p>\n

Energy policy consultant David Blackmon told the DCNF that the bill should be \u201cno surprise given the current socialist surge happening within the Democrat party.\u201d<\/div>\n

\u201cMy first job in the industry when I came out of university with an accounting degree in 1979 was to become an expert on Jimmy Carter\u2019s original WPT,\u201d Blackmon said. \u201cCarter\u2019s tax was an absurd law which basically amounted to a kind of Rube Golberg [sic] scheme applied to the oil industry. It punished royalty owners and small producers far more than the \u201cBig Oil\u201d companies, and was so stupidly designed that it was repealed by a Democrat-dominated congress in 1987 because it had produced zero government revenue for three straight years.\u201d<\/p>\n

Blackmon told the DCNF that the \u201canti-energy, anti-national security\u201d bill would punish the U.S. domestic oil and gas industry, which he said \u201cgreatly enhanc[ed] U.S. national security and energy dominance by adding the equivalent of Saudi Arabia\u2019s daily output to America\u2019s portfolio.\u201d<\/p>\n

\u201c[Khanna\u2019s bill] amounts to nothing more than a cynical effort by leftwing politicians to gain favor with the Democrat party\u2019s increasingly socialist voting base by punishing one of their party\u2019s favorite political bogeymen,\u201d Blackmon said. \u201cLike Carter\u2019s absurd scheme, if passed it would quickly be revealed as a legislative fraud as the revenues collected under it are wasted by congress and the federal debt continues to grow. Other than that, I suppose it\u2019s just awesome.\u201d<\/p>\n

American Petroleum Institute (API) also opposes the bill.<\/p>\n

\u201cWindfall profits taxes don\u2019t lower prices for consumers. We\u2019ve seen this policy before\u2014it deterred investment and reduced production. This is a cyclical industry, and targeting earnings in stronger periods undermines the long-term investment needed to keep energy reliable and affordable over time,\u201d API spokesperson Andrea Woods told the DCNF.<\/p>\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact\u00a0licensing@dailycallernewsfoundation.org.<\/p>\n

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