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

Democrats and progressive groups are calling for a windfall tax on major oil companies, arguing they will reap billions in profits from the U.S.-Israeli strikes on Iran. The military action has triggered the largest disruption to global fuel supply on record, according to the International Energy Agency, sending crude prices above $100 a barrel and pushing U.S. gas prices to an average of $3.70 a gallon. The proposed tax would offset rising energy costs for American consumers, who have spent an additional $2 billion to fill their tanks over the past two weeks. Progressive lawmakers and green groups view the windfall tax as a way to capture extraordinary profits from oil companies while providing relief to households squeezed by higher pump prices. The proposal reflects ongoing Democratic efforts to tax corporate windfalls during geopolitical crises that boost fossil fuel revenues.