As oil companies seek to profit off of Russia’s invasion of Ukraine, Bernie Sanders is calling for officials to place a tax on oil profits and implement price controls in order to lessen the effects of the crisis on the public.
gas companies were sending large amounts of gas abroad in order to limit supply and raise prices for heating bills.
For an oil company, Putin’s invasion of Ukraine and the potential impacts to fossil fuel supplies could be an opportunity to price gouge. In an attempt to preempt this last week, Biden warned companies against raising prices,“not exploit this moment to hike their prices to raise profits.” But so far, he hasn’t taken further action to discourage companies from doing so.
Meanwhile, pro-fossil fuel groups wasted no time saying that oil production should increase now, even though the country is already. Less than 24 hours after the invasion – and, in the American Petroleum Institute’s case, just as the invasion was being announced – extremist right-wing politicians, conservative pundits and influential oil groups jumped on the crisis.
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