A man refills a small container of gas at a Bangchak Corporation Public Company Limited station in Bangkok, Thailand on March 26, 2026. (Photo by Matt Hunt/Anadolu via Getty Images)
“The case for windfall taxes has never been clearer,” said 350.org’s chief executive.
An analysis released Monday estimates that oil and gas price spikes driven by the US-Israeli war on Iran have so far cost consumers and businesses around the world over $100 billion—money that has flowed into the coffers of some of the wealthiest, most powerful fossil fuel companies on the planet.
The new analysis by 350.org finds that, just over a month into the war, consumers and businesses have lost between $104.2 billion and $111.6 billion to rising oil and gas prices—an estimate that the environmental group acknowledges is likely conservative, given it doesn’t account for “wider knock-on effects, such as rising fertiliser and food costs, declines in economic output and employment, or broader inflation driven by fossil fuel price volatility. ”
The more than $100 billion, 350.org said, “has been siphoned from ordinary people to oil and gas companies.”
“On top of the incalculable suffering of families and communities torn apart by the war, ordinary people around the world are paying an extraordinary price through fossil fuel-driven energy spikes,” said Anne Jellema, 350.org’s chief executive. “Over $100 billion has gone straight into the pockets of fossil fuel companies, while families struggle to afford energy and basic necessities.”
“The case for windfall taxes,” Jellema added, “has never been clearer.”
The analysis was published as global oil prices rose again following a weekend missile attack on Israel by Yemen’s Houthis and Trump’s threat to “take the oil in Iran,” signaling another potential escalation in a war that has already killed thousands, sparked an appalling humanitarian crisis, and destabilized the global economy.
One key beneficiary of the chaos is the fossil fuel industry, which is set to reap billions in windfall profits thanks to rising oil and gas prices. Reuters reported late last week that analysts covering Chevron, Shell, and ExxonMobil have significantly raised earnings estimates for the fossil fuel giants in response to war-fueled price surges.
“US shale producers and other companies without major operations in the Middle East should gain the most, benefiting from higher prices without costs associated with shut-in production, stranded tankers, or expensive repairs to war-hit facilities,” Reuters noted. “Still, executives said the big profits will probably not boost their planned capital spending on new production.”
Earlier this month, Democratic lawmakers in the US Congressintroduced legislation that would impose a windfall profit tax on large American oil companies and return the money to consumers in the form of quarterly rebates. The bill stands no realistic chance of getting through the Republican-controlled Congress, which is awash in Big Oil campaign cash.
“American consumers are once again getting squeezed at the gas pump as President Trump’s war of choice in Iran sends gas prices soaring and money flowing to his Big Oil donors,” said US Sen. Sheldon Whitehouse (D-RI), the bill’s lead sponsor in the Senate. “We should send any big windfall for Big Oil back to the hardworking people who paid for it at the gas pump.”
Keir Starmer explains that UK is participating defensively in Trump and Israel’s criminal war for Israel’s genocidal expansion in Iran and states that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/Donald Trump warns against following the https://onaquietday.org blog, says that it’s easy atm, she only needs to report war crimes supporting Israel’s genocidal expansion.Orcas discuss Donald Trump and the killer apes’ concept of democracy. Front Orca warns that Trump is crashing his country’s economy and that everything he does he does for the fantastically wealthy.
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him and his Deputy Richard Tice. He says that Reform UK has received £Millions and £Millions from the fossil fuel industry to promote climate denial and destroy the planet.Nigel Farage reminds you that he’s the man that brought you Brexit and asks what could possibly go wrong.Nigel Farage says he’s too stupid to answer questions about the hit to the UK economy of his plans to suck up to the uber-rich.
A large crowd of demonstrators gather outside the Minnesota State Capitol during the “No Kings” national day of protest in Saint Paul, Minnesota, on March 28, 2026. (Photo by Kerem Yucel / AFP via Getty Images)
“No work, no school, no shopping. We’re going to show up and say we’re putting workers over billionaires and kings.”
Ezra Levin, co-founder of Indivisible, said on Saturday that a nationwide general strike is being planned for May 1 that will be modeled on the day of action residents of Minnesota organized in January against the brutality carried out by federal immigration enforcement officials.
Appearing at the flagship No Kings rally in Minneapolis, Levin praised the strength shown by the Minnesota protesters in the face of the US Immigration and Customs Enforcement (ICE) siege of their city this year, and said his organization wanted to replicate it across the country.
“The next major national action of this movement is not just going to be another protest,” Levin said. “It is a tactical escalation… It is an economic show of force, inspired by Minnesota’s own day of truth and action.”
Levin then outlined what the event would entail.
“On May 1, on May Day, we are saying, ‘No business as usual,’” he said. “No work, no school, no shopping. We’re going to show up and say we’re putting workers over billionaires and kings.”
Levin: This is the largest protest in Minnesota history… The next major national action of this movement is not just gonna be another protest. On May 1st, across the country, we are saying no business as usual. No work, no school, no shopping. We're gonna show up and say we're… pic.twitter.com/bRPR7K5DuP
Levin added that “we are going to build on that courage, that sacrifice” that Minnesota residents showed during their day of action in January, and vowed “to demonstrate that regular people are the greatest threat to fascism in this country.”
In an interview with Payday Report published Saturday, Indivisible co-founder Leah Greenberg said that the goal of the nationwide strike action would be to send “a clear message: we demand a government that invests in our communities, not one that enriches billionaires, fuels endless war, or deploys masked agents to intimidate our neighbors.”
The No Kings protests against President Donald Trump’s authoritarian government, which Indivisible has been central in organizing, have brought millions of Americans into the streets.
Polling analyst G. Elliott Morris estimated that the previous No Kings event, held in October, drew at least 5 million people nationwide, making it likely “the largest single-day political protest ever.”
Climate science denier Donald Trump confirms that he knows nothing about democracy and that more liquid gold is being secured according to his policy of global privateering.Donald Trump sings and dances, says that it’s fun to kill everyone …Keir Starmer explains that UK is participating defensively in Trump and Israel’s criminal war for Israel’s genocidal expansion in Iran and states that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
Huge “No Kings” protests throughout the United States and a huge anti-Fascist protest in London yesterday.
Climate science denier Donald Trump confirms that he knows nothing about democracy and that more liquid gold is being secured according to his policy of global privateering.Keir Starmer explains that UK is participating defensively in Trump and Israel’s criminal war for Israel’s genocidal expansion in Iran and states that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
A view of the US aircraft carrier USS Gerald R. Ford at a US Navy base in Souda Bay, Crete, where it is set to undergo repairs on March 23, 2026. [Stefanos Rapanis – Anadolu Agency]
Americans have heard this script before. A president says he wants a deal, insists he does not want a wider war, and then quietly builds the military architecture for one anyway. That is where the United States now stands in its war with Iran. Even as Donald Trump talks about a possible settlement and claims there are “major points of agreement,” the Pentagon is preparing to send thousands more troops from the 82nd Airborne Division to the Middle East, adding to a military buildup that already looks less like leverage and more like preparation for a deeper phase of the war. A government serious about winding down a conflict does not keep expanding the force package behind it.
The gap between Washington’s words and Washington’s actions is no longer small enough to dismiss as ordinary diplomatic theater. Trump says contacts with Iran are promising. Tehran has publicly denied direct talks, and Reuters has reported that Iran’s negotiating position has hardened during the war, with demands for guarantees against future attacks and refusal to place new limits on its missile program. That does not look like a near-term diplomatic breakthrough. It looks like an administration using the language of negotiation to buy time while keeping military options open. The question is no longer whether Washington prefers a deal in the abstract. The question is whether “talks” are becoming political cover for continued escalation.
That matters because coalition reluctance does not usually restrain Washington. More often, it leaves Washington compensating with more American assets, more American risk, and eventually more American ownership of a war that was sold as limited.
There is another sign that this war is moving in a more dangerous direction: America is having trouble persuading others to own it. When Trump asked allies to help keep the Strait of Hormuz open, several of them declined to send ships. Japan and Australia publicly said they had no immediate plans to participate, and Reutersreported similar hesitation from other partners. That matters because coalition reluctance does not usually restrain Washington. More often, it leaves Washington compensating with more American assets, more American risk, and eventually more American ownership of a war that was sold as limited. A conflict that begins as a joint project can become an overwhelmingly American burden simply because nobody else wants to get pulled in deeper.
This is how mission creep actually happens. It rarely arrives with a formal declaration that the United States is entering a ground war. It comes in pieces: reinforcements to protect bases, troops to secure shipping lanes, special operations contingencies for sensitive sites, and a standing insistence that “all options remain on the table.” Reutersreported last week that U.S. officials were weighing reinforcements that could support operations connected to Hormuz and other possible next steps, while experts warned that securing Iran’s uranium stockpiles would be highly complex and risky even for special operations forces. That is not the language of a conflict staying neatly contained. It is the language of a war searching for its next rationale.
The American public, importantly, is not asking for this. A Reuters/Ipsos poll published last week found that 65 percent of Americans believe Trump will order troops into a large-scale ground war in Iran, but only 7 percent support such an idea. An AP-NORC poll published found that most Americans believe recent U.S. military action against Iran has gone too far, and about six in ten oppose deploying U.S. ground troops to fight there. Those numbers matter because they expose the fiction that a deeper war would rest on any real democratic consensus. Washington is not moving toward a broader conflict because the public has embraced one. It is moving there in spite of the public’s clear warning.
That should disturb Americans even if they have no sympathy at all for the Iranian government. One does not have to romanticise Tehran to see the danger of what Washington is doing. The United States and Israel may share the current war effort, but any ground phase would be paid for primarily by Americans, fought primarily by Americans, and politically owned in Washington long after today’s rhetoric about quick outcomes has faded. That is the part of “supporting an ally” that the White House prefers to leave vague. Air campaigns can be sold as controlled and temporary. Ground commitments are different. They create their own logic, their own momentum, and their own excuses for staying longer than promised.
Even now, after weeks of US-Israeli strikes, the Strait of Hormuz remains a live strategic problem, negotiations remain uncertain, and military planners are still talking in terms of options rather than outcomes.
Nor is there any reason to think a ground phase would solve the political problem that air power has failed to solve. Iran is not a target that can simply be bullied into strategic surrender by adding more American bodies to the region. Even now, after weeks of US-Israeli strikes, the Strait of Hormuz remains a live strategic problem, negotiations remain uncertain, and military planners are still talking in terms of options rather than outcomes. That is usually a sign that the advertised strategy has stalled. When that happens, Washington has a long habit of treating escalation not as proof of failure but as the remedy for failure. That is how bad wars become bigger wars.
What makes this moment especially dangerous is that the administration still wants the political benefits of sounding restrained while preparing for the military benefits of going further. It wants to say “deal” and move troops at the same time. It wants to claim this is not another open-ended American war while creating precisely the conditions from which open-ended American wars emerge. For Middle East Monitor readers, this should be understood clearly: Washington is not standing outside this conflict trying to calm it. It is deep inside it, helping shape the next phase while pretending the next phase may never come. If the White House truly wanted to prevent a ground war, it would stop building one. Until then, Americans should call this what it is—not prudence, not deterrence, but a familiar and dangerous drift toward a war the country has not chosen and does not want.
The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Monitor.
Donald Trump calls for help from NATO allies in securing the Straight of Hormuz despite saying on 7 March 2026 that they don’t need people to join wars after they’ve already won.Keir Starmer explains that UK is participating defensively in Trump and Israel’s criminal war for Israel’s genocidal expansion in Iran and states that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/Orcas discuss how Trump was re-elected and him being an obviously insane, xenophobic Fascist.
