Trump Orders Gas Price Probe as Democrats Push Windfall Tax

While West Texas Intermediate and Brent Crude prices have hit their lowest levels since the conflict began on February 28, the average cost of unleaded gasoline remains $3.93 per gallon. This figure is significantly higher than pre-war levels, though it marks a slight retreat from the $4.52 peak recorded last month. An administration official described the situation as a national security issue, promising a commitment to affordability.

Democratic lawmakers quickly countered the president’s announcement by highlighting their own legislative response. Senator Sheldon Whitehouse and Representative Ro Khanna have reintroduced the Big Oil Windfall Profits Tax Act, a measure designed to curb industry profiteering. The proposal would levy a 50% tax on the difference between current per-barrel prices and last year’s averages. Recent estimates suggest the war has cost American households an additional $54 billion in fuel expenses, with oil companies reportedly netting $30 million per hour in windfall profits during the first month of the conflict alone.