Magaziner supports Big Oil Windfall Profits Tax
General Treasurer and congressional candidate Seth Magaziner said he’s supporting legislation that would tax excess profits of the big oil companies and distributing the proceeds back to consumers. Magaziner also called on his Republican opponent, Allan Fung, to join him in supporting this measure.
“In the first three months of 2022, as gas prices reached historic highs, the five largest oil-producing companies brought in $35 billion in profits, a 200 percent increase over the same period one year earlier,” Magaziner said, “the equivalent to 28 percent of what Americans spent to fill up their gas tanks.
“It is unacceptable that big oil companies are keeping record profits for themselves while everyday Rhode Islanders are facing outrageous prices at the gas pump,” Magaziner said. “Rhode Islanders need a fighter in Washington who won’t be afraid to stand up to big corporations when people are being hurt, and I call on Allan Fung to join me in supporting this common-sense bill to return oil company profits back to the pockets of Rhode Island consumers.”
Magaziner said he’s specifically supporting Rhode Island Senator Sheldon Whitehouse’s
legislation that would crack down on oil company price gouging by requiring big oil companies earning large profits to pay a per-barrel tax equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel. The proceeds of the tax would be returned directly to American taxpayers through a rebate. The proposal is estimated to provide Rhode Islanders with between $240 and $375 in annual relief at today’s prices, Magaziner said.
Nellie Gorbea Releases New Television Ad
The Gorbea for Governor campaign today unveiled Gorbea’s second TV advertisement. The spot will start airing on Friday.
“Our state is in a housing crisis, and we need a Housing Governor,” Gorbea said. “Right now, rents are at record highs and homeownership is spiraling out of reach for many. We need solutions. As the former executive director of HousingWorks RI, I understand the root causes of our housing problems. I know that it will take all stakeholders, working together, to create solutions. I’m ready to address these challenges as governor, starting on day one.”
The ad highlights Gorea’s plans to fix Rhode Island’s housing crisis by creating a Secretary of Housing and Community Development, doubling the commitment to affordable housing with a $130 million housing bond measure, rehabilitating aging housing stock and incentivizing redevelopment of underutilized properties across the state, reducing the number of Rhode Islanders experiencing homelessness through a multi-pronged strategy, and reducing barriers to building homes in Rhode Island.
United Food and Commercial Workers Local 328 endorses Gorbea
The United Food and Commercial Workers Local 328 announced that it has endorsed Secretary of State Nellie Gorbea for Rhode Island governor.
“Many politicians will talk the talk during an election year. Nellie walks the walk when it’s not election time,” said UFCW Local 328 President Tim Melia. “She was with us multiple times during the Stop & Shop strike, walking the picket line, talking to striking workers, and offering her continued support throughout the ordeal.”
Middletown Council candidate withdraws from the race
Lawrence Frank, who had declared his candidacy for Middletown Town Council, today submitted a letter to the local Board of Canvassers withdrawing from the race.
Frank did not give a reason for dropping. That leaves the race with nine candidates vying for the seven council seats.
Candidates are currently collecting signatures on their nomination papers, which are due on July 15.