Big Oil has spent years cashing in on Trump’s tax agenda. Oil and gas companies benefited from corporate tax cuts, industry-specific giveaways, and loopholes that helped enrich executives and shareholders while working families were told to live with higher costs.

Now, as Trump’s reckless war in Iran drives gas prices higher, oil and gas giants are positioned to turn a global crisis into another Wall Street payday. According to the Senate Finance Committee, Americans have spent $45 billion more on gas and diesel since the start of Trump’s war in Iran than they did over the same period in 2025.

We already know what Big Oil does with crisis profits. After Russia’s invasion of Ukraine in 2022, major oil and gas companies used their windfall profits to fund more than $100 billion in stock buybacks. Instead of lowering costs, increasing supply, investing in workers, or helping stabilize energy markets, they rewarded wealthy shareholders and boosted stock prices.

The Taxing Buybacks from Big Oil Windfalls Act would raise the tax on stock buybacks by large oil and gas companies from 1% to 25% while gas prices remain elevated. The bill applies to major oil and gas corporations with at least $1 billion in average annual gross receipts, targeting the companies with the resources to invest in production, employment, and consumers instead of funneling windfalls to Wall Street.

This is exactly the kind of corporate accountability the Senate should be advancing. Stock buybacks overwhelmingly benefit wealthy investors, corporate executives, and the richest households that own most corporate stock. Families paying more at the pump should not be forced to subsidize another round of Big Oil profiteering.