Congressman Sherman Will Soon Introduce Bill to Prevent Oil Company Windfalls During Iran War and Deliver Relief to American Families

WASHINGTON, D.C. — In response to rising global oil prices linked to escalating tensions involving Iran, Congressman Brad Sherman (CA-32), a senior member of the House Foreign Affairs Committee, will soon introduce the Iran War Oil Crisis Windfall Profits Tax Act to crack down on excessive oil company profits driven by instability in the Middle East and to return those funds directly to American consumers.

“American families should not be forced to pay more at the pump and at the grocery store simply because of geopolitical turmoil abroad,” said Congressman Sherman. “While war drives up prices, Big Oil is reaping record profits without lifting a finger. This bill ensures that those windfalls are redirected back to the American people who are bearing the burden.”

Sherman’s legislation would impose a windfall profits tax during the course of the Iran War on major oil producers and ensure that revenues are rebated to American households — prioritizing relief for working families most impacted by rising costs.

Global oil markets have seen sharp price increases in recent weeks amid instability in the region, with crude oil prices surging well above historic norms. These increases ripple through the economy — raising costs for transportation, food, and everyday goods. 

Sherman’s legislation would:

-Impose a 100% windfall profits tax on oil revenues earned above a defined baseline price;

-Apply the tax only during the period of war-related market disruption, ensuring it is targeted;

-Return collected revenues directly to American households, with a focus on low- and middle-income families most affected by rising costs.

The legislation is structured to remain in effect only until hostilities subside, global supply routes stabilize, and oil prices return to more typical levels.

Sherman is currently seeking bipartisan support for the measure and is urging colleagues to act swiftly to shield Americans from further economic strain.

“The goal is simple: if oil companies are benefiting from global instability, then American families deserve relief,” Sherman added. “This is about fairness, accountability, and protecting consumers during a time of economic pressure.”

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