Tag: gas prices

Republicans promoted the “One Big Beautiful Bill Act” as an affordability lifeline for working Americans, but economists, retailers, and budget analysts say rising fuel costs tied to the U.S.-Israeli war with Iran and ongoing tariff pressures are rapidly wiping out much of the financial relief.

While Americans confront the highest fuel prices in years after the U.S.-Israel war on Iran disrupted global oil markets, fossil fuel giants are reporting surging profits, expanding stock buybacks, and prioritizing shareholder payouts over increased production.

Defense Production Act orders authorize federal support for oil, coal, liquefied natural gas, and grid infrastructure as industry profits increase during Iran conflict.

Analysis finds oil and gas price spikes linked to the conflict have shifted massive wealth from households and businesses to major energy companies while lawmakers propose taxing windfall profits.

Internal layoffs removed the very officials who would have modeled oil supply disruptions, coordinated with Gulf energy partners, and prepared for retaliatory strikes as war with Iran drove gas and crude prices sharply higher.

Lawmakers and advocacy groups propose taxing fossil fuel windfalls as war-driven price spikes hit American households and deepen inequality.

While you pay through the nose at the gas pump, Big Oil is lining its pockets.

"Make no mistake; these profits mark a large transfer of wealth from working- and middle-class people to wealthy oil executives and shareholders," said Jordan Schreiber of Accountable.US.