Gas prices have climbed back to a national average of $4 a gallon as renewed attacks between the United States and Iran shake global oil markets. Families are paying nearly 90 cents more per gallon than they were one year ago, and higher fuel costs threaten to raise the price of groceries and other necessities.

Big Oil sees another opportunity to cash in. ExxonMobil and Chevron are expected to report second-quarter earnings that are more than triple their first-quarter levels, helping drive oil-industry profits to their highest point since 2022. Analysts also expect corporations to accelerate stock buybacks during the second half of this year.

These companies were already swimming in money. The 10 largest American oil and gas corporations made $677 billion in pre-tax profits between 2021 and 2025. They spent $452 billion on stock buybacks and dividends and another $2.75 billion compensating their top executives. Several paid effective federal income tax rates that were in the single digits or below zero.

The federal tax code continues to reward them with billions of dollars in special subsidies. Oil and gas corporations can claim deductions and credits for drilling expenses, depleted wells, enhanced oil recovery, and other costs that ordinary taxpayers are forced to help underwrite.

The End Oil and Gas Tax Subsidies Act, H.R. 383, would eliminate nearly a dozen of these giveaways. It would repeal some of the oil industry’s most valuable tax preferences, stop major oil corporations from exploiting special accounting rules, and require a massively profitable industry to pay a fairer share toward the country that makes its profits possible.

The House has allowed H.R. 383 to sit in the Ways and Means Committee since January 2025. During that delay, Big Oil has continued collecting subsidies, rewarding wealthy shareholders, and profiting from the higher prices produced by Trump’s Iran war.

Tell your representative to pass the End Oil and Gas Tax Subsidies Act and end taxpayer subsidies for Big Oil’s war profiteering.