Press Release

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) , a member of the Senate Finance Committee , cosponsored the Taxing Buybacks from Big Oil Windfalls Act , legislation led by Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) , Democratic Leader Chuck Schumer (D-N.Y.) , and Senator Michael Bennet (D-Colo.) , which would increase the excise tax on stock buybacks of large oil and gas companies from 1% to 25%. The Taxing Buybacks from Big Oil Windfalls Act comes as oil and gas companies are raking in huge profits during the war with Iran. According to one recent report, Americans have spent $45 billion more on gas and diesel since the start of President Trump’s war in Iran than they did over the same time period in 2025. At the same time, Big Oil and Gas companies have raked in at least $234 billion in profits—nearly $30 million an hour. Immediately following Russia’s invasion of Ukraine in 2022, oil companies used their windfall profits to reward executives and shareholders with over $100 billion in stock buybacks. “President Trump’s reckless war in Iran has put immense strain on working families across the country. As a result of the president’s war of choice, hardworking Americans are paying $16 billion more at the gas pump to get where they need to go. Meanwhile, Big Oil and Gas companies are using the president’s war to rake in an additional $234 billion in profits—it’s outrageous,” said Senator Welch . “Congress must step up to ensure massive corporations and ultra-wealthy shareholders can’t exploit consumers as a result of Trump’s terrible foreign policy agenda.” “Everything about Trump’s war in Iran is a disaster, and there’s no way we can allow big oil and gas companies to turn the extraordinary financial pain many drivers are feeling into another big payday for their wealthy shareholders,” said Senator Wyden . “Trump does the bidding of oil and gas companies, but the American people want us to stand up to war profiteers. That’s what our bill is about.” “Trump’s war in Iran is an unmitigated disaster, and we will not let Big Oil turn that into a windfall for their wealthy shareholders,” said Leader Schumer . “Hardworking Americans are spending $5 a gallon to fill up their tanks, while oil and gas executives are making money hand over fist. Trump may serve his Big Oil billionaire buddies, but we don’t.” “President Trump’s reckless war with Iran has pushed gas prices to record highs in Colorado and across the country, and consumers are paying the price,” said Senator Bennet . “The last thing oil and gas companies should be doing with these windfall profits is rewarding their shareholders while working families struggle between filling up the gas tank or buying the week’s groceries. This legislation will incent these companies to reinvest revenues in expanding supply, diversifying our energy sources, and increasing employment.” Joining Senators Welch, Wyden, Bennet, and Leader Schumer on this legislation are Sens. Jack Reed (D-R.I.), Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.), Richard Blumenthal (D-Conn.), Brian Schatz (D-Hawaii), Mazie Hirono (D-Hawaii), Ed Markey (D-Mass.), Cory Booker (D-N.J.), Chris Van Hollen (D-Md.), Tina Smith (D-Minn.), and Andy Kim (D-N.J.). The Taxing Buybacks from Big Oil Windfalls Act is supported by Americans for Tax Fairness, Beyond Fossil Fuels Policy, Families Over Billionaires, League of Conservation Voters (LCV), and the Natural Resources Defense Council (NRDC). “Oil companies and executives have been among the biggest winners from Trump’s tax laws, making use of new loopholes and industry specific tax cuts to enrich themselves with taxpayer dollars. They use those windfalls to initiate stock buybacks to boost share prices and reward shareholders and executives, all while they raise prices on consumers. ATF welcomes the introduction of the Taxing Buybacks from Big Oil Windfalls Act . Congress cannot stand by as Big Oil squeezes American consumers at the pump while using our tax dollars to further enrich themselves,” said David Kass , Executive Director , Americans for Tax Fairness . “The Taxing Buybacks from Big Oil Windfalls Act sends a clear message: if oil giants choose to funnel war-driven windfalls into stock buybacks instead of helping lower costs for consumers, they will pay up. Families Over Billionaires is proud to support this effort to rein in corporate greed and put the interests of ordinary Americans ahead of billionaire investors. Congress should advance this bill immediately,” said Kristen Crowell , Executive Director , Families Over Billionaires . “Americans want off the rollercoaster of gasoline prices fueled by the war in Iran and our global dependence on oil. This measure is a strong signal to Big Oil that it is time to stop cutting checks to investors and cut prices for Americans instead,” said Sam Goodstein , Managing Director for Federal Affairs , Natural Resources Defense Council . Read and download the full text of the bill. ###