“Exxon made more money than God this year.”
That’s a quote from President Biden, correctly chastising the oil behemoth for gouging consumers at the pump to the tune of $8.8 billion in profits over just the first three months of 2022.
Not to nitpick, but the president must have missed that Shell made even more than that, with $9.1 billion in profits from January through March — its best quarter ever.
Chevron ($6.3 billion in first quarter profits) and BP ($6.2 billion in first quarter profits) did pretty well for themselves, too.
Again, we’re talking about profits.
Why are Big Oil’s profits through the roof?
- Because while the costs of production are steady, the market price of oil is skyrocketing as a result of Russia’s invasion of Ukraine and other factors.
- This is a classic example of what’s known as windfall profits.
- And it’s not like oil companies are using that windfall to invest in clean energy. Instead, they’re using it to buy back their own stock!
- Meanwhile — by keeping us addicted to its dirty products like some sleazy drug dealer — the fossil fuel industry has brought us to the brink of climate catastrophe that threatens the continued viability of human civilization as we know it.
It’s time to tax Big Oil’s outrageous windfall profits and give money back to American consumers, who are paying more and more for seemingly everything.
Italy is doing this.
The United Kingdom — even with Boris Johnson (still) in charge — is doing this.
Tell Congress:
The American people need a break from out-of-control prices. And they need it now. Pass legislation without delay to tax Big Oil’s windfall profits and give money back to consumers.
Add your name now.
Thank you for taking action.
For progress,
- Robert Weissman, President of Public Citizen
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