That’s why NCPIRG has called on state lawmakers to implement a windfall tax on the excessive profits of the oil industry. The revenue generated from the tax will help fund tax breaks for consumers who purchase energy efficient vehicles.

How You Can Help
Ask your legislators to support a state windfall tax on oil company profits.

Summary
Unfortunately, consumers have no other way to keep moving other than paying outrageous prices at the pump. Our cars, our economy, our society all run on oil.

The only way to provide consumers with real relief is to break our dependence on oil and monopolistic oil companies. The windfall tax will facilitate the transition to energy independence by providing tax breaks for fuel efficient vehicles, which will help consumers save money at the pump and at the same time break our addiction to oil.

Here’s how the plan will work. Oil companies will be assessed a small surcharge on their state corporate income tax that will come into effect when gas prices exceed $1.80 per gallon. The surcharge rises if prices grow higher. Oil Companies will be discouraged from passing this levy onto consumers because higher prices at the pump will mean bigger assessments on their profits.

The revenue would be used to promote energy independence by funding tax breaks for North Carolinians who purchase fuel-efficient vehicles and energy-efficient products. Cars and trucks would be exempt from the state’s sales tax if they average at least 27.5 miles per gallon as would energy efficient tires.

It’s time to break our addiction to oil and provide consumers real relief at the pump. Since the oil companies have created this problem, it makes sense that they should help to solve the problem. That’s why NCPIRG is pushing for a windfall tax on the excessive profits of Big Oil.