--- title: Protect households by taxing windfall oil profits, phasing out fossil fuels date: 2026-03-12T09:29:01Z modified: 2026-03-12T09:29:01Z permalink: "https://350.org/press-release/protect-households-by-taxing-windfall-oil-profits-phasing-out-fossil-fuels/" type: press-release status: publish excerpt: "" wpid: 175528651 categories: - Featured - Global - Press Release author: ilang-ilangquijano --- The International Energy Agency’s announcement to release an unprecedented 400 million barrels of oil reserves underscores the gravity of the fossil fuel crisis triggered by the Iran war, said [350.org](http://350.org/). The group warns that the release is at best a stopgap measure, while global oil and gas markets will continue to hold consumers hostage from one crisis to the next. [350.org](http://350.org/) called for a windfall tax on excess profits by oil and gas producers and traders benefitting from the crisis. Revenues from windfall taxes should be used to help cushion families from price shocks in the short term, and replace conflict-ridden fossil fuels with homegrown solar and wind energy to provide a more secure and affordable long-term solution. According to [industry analysts](https://www.motherjones.com/politics/2026/03/trump-iran-war-energy-prices-oil-gas-windfall-profits/), producers not dependent on Persian Gulf supplies such as ExxonMobil, Chevron, Shell, and Total stand to gain windfall profits from the crisis. US LNG exporters and traders are poised to [earn](https://www.energyflux.news/war-profits-quantified/) roughly $870 million more per week due to higher prices. **Anne Jellema, [350.org](http://350.org/) executive director said:** _“As families’ incomes shrink from price shocks, oil companies are counting their winnings. Governments face a clear choice: will they protect profits or people? This is the moment to break our costly fossil fuel addiction, and Big Oil’s windfall gains can help to foot the bill. Releasing emergency oil reserves buys us days. Taxing windfall oil profits to invest in renewable energy buys us a future free from price shocks and violence.”_ **Media Contact:** Ilang-Ilang Quijano, [350.org](http://350.org/) Media Campaigner, , +639175810934 Kim Bryan, [350.org](http://350.org/) Media Strategy and Relations Manager, , +447770881503