Taxing the oil industry’s massive profits resulting from the Iran war

One of the consequences of the war on Iran is that it has provided the oil industry with the opportunity to engage in rampant profiteering. In the first month of the war, the Canadian oil industry made after-tax profits in excess of $6 billion dollars. If oil prices stay this high for a year, it’s on track to make $90 billion in profits. Hadrian Mertins-Kirkwood says that the current windfall could be Canadian oil's final boom, so the proceeds should be taxed and invested into economic diversification.