Democrats urge windfall tax as big oil set to make billions from Iran war

Progressive and green groups join call for tax on major fossil-fuel companies to help offset rising living costsWith 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. Continue reading...