Blumenthal Seeks Windfall Tax on Big Oil to Cushion Soaring Gas Prices

US Senator Richard Blumenthal is calling on Congress to pass the Big Oil Windfall Profits Tax Act, which would impose a windfall tax on oil companies and return the money to consumers in the form of a tax credit rebate. The move comes as gas prices continue to soar, with regular gas costing $4.21 at one Hartford station - more than 50% higher than it was last year.

The bill would target record profits made by oil companies due to global supply constraints and rising tensions between the US and Iran, which have driven up oil prices. Blumenthal said that while gas prices are historically 'sticky' and slow to come down, any decrease in prices will depend on conditions in the Strait of Hormuz.

The Senator also accused President Donald Trump of personally profiting from rising oil prices, citing a report that said he may have earned as much as $15.5 million in stock price increases from companies such as Exxon Mobil and Chevron.