A group of House and Senate Democrats introduced legislation Thursday that would implement a new tax to prevent Big Oil corporations from “profiteering.”

The effort, led by Rhode Island Sen. Sheldon Whitehouse and California Rep. Ro Khanna, would introduce the Big Oil Windfall Profits Tax to the U.S. tax code, according to the announcement. Whitehouse said the tax would ensure the world’s largest oil companies don’t take advantage of the ongoing Ukraine crisis to boost gas prices and rake in greater profits, adding that American consumers have “seen this script before.”

“We cannot allow the fossil fuel industry to once again collect a massive windfall by taking advantage of an international crisis,” Whitehouse said in a statement. “I propose sending Big Oil’s big windfall back to the hardworking people who paid for it at the gas pump.”

The lawmakers noted that Big Oil companies have recently reported record profits. In 2021, Chevron reported an annual profit of $15.6 billion, Exxon Mobil reported $23 billion in profit and BP reported $12.8 billion in annual profits.