This is big news, John.
Yesterday, President Biden gave a press conference saying it’s time for oil companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break on oil prices.
The White House has been clear since March that oil companies are gouging consumers at the pump and setting artificially high prices to line their own pockets.1
ExxonMobil reported its highest earnings ever this past quarter (surpassing its previous record set just three months earlier), while Shell and Chevron reported their second-highest quarterly profit ever.2
But since then, oil company profits have continued to skyrocket while regular Americans suffer.
If Big Oil refuses to act, Biden warned that his team will work with Congress to look at options available including paying a higher tax on their excess profits.
But the time for warnings is over, we need action. We know that Big Oil will continue to maximize profits no matter the cost – it’s what they’ve done for decades.
We must come together and call on Biden to support a windfall tax on Big Oil now. If you agree that we must hold Big Oil accountable for high gas prices and put that money back in the pockets of Americans and into expanding renewable energy, will you sign our petition to President Biden today?
President Biden was very clear that “Oil companies’ record profits today are not because of doing something new or innovative. They are a windfall of war.”
Many will say that the solution to drive down prices is to increase production. But the truth is: U.S. oil and gas production is already at near record levels.3
We're paying more because Big Oil is taking advantage of instability caused by the war in Ukraine to keep prices artificially high – holding low- to middle-income American consumers hostage.
Let us be crystal clear: The President calling for more production alone won't help bring down prices – we need a Big Oil Windfall Profits Tax now.
For months, a growing number of members of Congress have also called for a Big Oil Windfall Profits Tax that would hold Big Oil accountable for profiteering and provide immediate relief by redirecting that money into the pockets of hard-working Americans.4
This announcement from Biden is a signal that our movement to hold Big Oil accountable for their climate destruction and corruption is working.
Together, we can go even further and make Big Oil pay for not just their profiteering, but for all the climate destruction they’ve caused as well.
Thank you for taking action.
- Team 350
1 - POTUS Twitter
2 - Reuters and The Hill
3 - Twitter
4 - Wall Street Journal
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