Lawless Urges Rep. Langevin to Support Windfall Tax on Oil Companies' Excessive Profits

WARWICK, RI – Jennifer Lawless, a candidate for the U.S. House of Representatives from Rhode Island’s second congressional district, today called on her opponent, Jim Langevin, to sign on to legislation that establishes a temporary tax on oil companies’ excessive profits. The revenue generated from this tax could be used to help consumers cope with the skyrocketing costs of gasoline and home heating oil.

“The record profits that are benefiting the oil companies come on the backs of thousands of Rhode Islanders,” Lawless said. “Projected hikes in home energy prices, coupled with what we already pay at the gas pump, are devastating for many of us. I’ve spoken with many senior citizens and low-income Rhode Islanders who fear having to choose between heating their homes and putting food on the table. It’s time to focus on working families who are trying to make ends meet, not on lining the pockets of the oil industry.”

According to a report issued in September by the U.S. Public Interest Research Group, the top five oil companies earned profits totaling $245 billion since 2001. Their profit share increased 255 percent in the last year alone. The revenue generated by a temporary windfall profits tax could provide consumers with a rebate, help low-income families pay their home heating bills, and provide financial incentives for auto companies to improve fuel efficiency. Even with the windfall profits tax, oil companies would continue to operate profitably.

“I am appalled by the billions of dollars in existing tax breaks for the thriving oil and gas industries,” Lawless said. “In light of record high gas and oil prices, Rhode Islanders need a representative who puts their needs and concerns above those of the large oil companies.”

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