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Tax big oil profits: Ro Khanna as prices surge
Rep. Ro Khanna introduced the Big Oil Windfall Tax Act with Senator Sheldon Whitehouse.
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Jeffin T. Kaleekal - Thu, 19, Mar 2026
- 02:36 EDT
- 23
Congressman Ro Khanna / Ro Khanna website
In an attempt to reign in the surging oil prices, Rep. Ro Khanna is demanding a windfall tax on oil companies who are allegedly incurring greater profits when average Americans are strugglings with fuel prices.
Oil prices rose on March 18, with benchmark Brent rising as much as $5 a barrel, after Iran attacked energy facilities across the Middle East following a strike on the South Pars gas field, a major escalation in the war with the United States and Israel.
ALSO READ: Oil prices slide 3 percent as some ships transit Strait of Hormuz
Brent futures were up $4.66, or 4.3 percent, at $112.04 a barrel by 0400 GMT, after an earlier rise of more than $5 to $112.86 a barrel. U.S. West Texas Intermediate crude rose 96 cents, or 1 percent, to $97.28 a barrel, after having risen over $3.
Introducing the 'Big Oil Windfall Tax Act', Khanna argued that the ongoing war with Iran is crushing the American economy. He noted that gas prices are up by two percent and the country is spending over $2B in Iran every day.
The Congressman continued, "To put that in perspective, for 20 days in Iran, we could have free public college for every American. We could have a thousand new trade schools. We could have child care at $10 a day for working-class Americans."
Officials from President Donald Trump's administration estimated during a congressional briefing this week that the first six days of the war on Iran had cost the United States at least $11.3 billion, according to sources accessed by Reuters.
Introducing the bill with Senator Sheldon Whitehouse, Khanna highlighted the need for the windfall tax and said, "They need to be paying a tax and that money needs to go back in the pockets of ordinary Americans who are struggling at the pump."
Windfall taxes are temporary additional taxes imposed on companies or sectors which have experienced a sudden and significant jump in profits due to an external event. It is an attempt to target the excessive profits made by the companies and thereby indirectly redistribute the gains to the people who had to pay the premium that resulted in the excessive profits.
Rep. Khanna also reiterated the long-standing Democratic demand of prioritizing domestic interests over the war with Iran.
He said, "Instead of putting more money into Iran, we need a Marshall Plan for the United States of America. The Democrats stand for America's economy first. Building jobs here, child care here, health care here."
Khanna continued, "Let's focus on our people and our communities (1:10) instead of draining more money in a war in the Middle East."
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