Story perspectives

Whitehouse Proposes Windfall Tax, Half to Low-Income Americans

7/18/2026

Summary

Story summary

Senator Sheldon Whitehouse (D-RI) introduced a windfall tax bill that would split oil profits, giving half as rebates to low-income Americans.
A dozen senators and Bernie Sanders support the bill while the White House says it would leave 70 % of U.S. oil output untouched.
UMass Amherst estimates oil and gas firms earned $900 billion in profits since Russia’s invasion of Ukraine, while American Petroleum Institute (API) warned tax could erode certainty.

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Story summary

Senator Sheldon Whitehouse (D-RI) introduced a windfall tax bill that would split oil profits, giving half as rebates to low-income Americans.
A dozen senators and Bernie Sanders support the bill while the White House says it would leave 70 % of U.S. oil output untouched.
UMass Amherst estimates oil and gas firms earned $900 billion in profits since Russia’s invasion of Ukraine, while American Petroleum Institute (API) warned tax could erode certainty.