Big oil could bring US gas prices down but won’t – so hit it with a windfall tax

In the US, in times of crisis, the poor pay the price and the rich cash in. Democrats know it doesn’t have to be this way, writes Robert Reich

Last year, when Americans were already struggling to pay their heating bills and fill up their gas tanks, the biggest oil companies (Shell, Chevron, BP, and Exxon) posted profits totalling $75bn. Photo: David McNew/Getty Images

This morning I filled my car with gas, costing almost six dollars a gallon. My car is a Mini Cooper I bought years ago, partly because it wasn’t a gas-guzzler. Now it’s guzzling dollars.

When I consider what’s happening in Ukraine, I say what the hell. It’s a small sacrifice. Yet guess who’s making no sacrifice at all – in fact, who’s reaping a giant windfall from this crisis?