The U.S. Congressional Research Services (CRS) has published an "In Focus" report dated 23 March 2022 on Crude Oil Windfall Profits Taxes: Background and Policy Considerations. The report has been drafted considering congressional interest in a crude oil windfall profits tax (WPT) following recent increases in gasoline prices and reports of high profits by large oil companies. The report provides an overview of WPTs, the different approaches (income tax or excise tax), policy design considerations, and potential economic effects. The report also provides an overview of current legislative proposals for the introduction of a WPT as follows: --- Legislation in...