Big Oil Should Listen to Trump and Return Windfall Profits
WASHINGTON, D.C. — Speaking to reporters yesterday, and posting on social media, President Trump said that ExxonMobil and Chevron made “too much money” on inflated oil prices due to the Iran war prices due to the Iran war and that “they ought to give some of that back to the public”.
Tyson Slocum, director of Public Citizen’s energy program, issued the following statement in response:
“Trump’s declaration that Big Oil is “making too much money” belies his accommodation and giveaways to the industry that have enabled its price-gouging — not to mention his disaster of a war of choice against Iran. But like a broken clock that’s correct twice a day, the President is right that oil companies are “making too much money,” which means Trump should endorse a Windfall Profits Tax, with the proceeds distributed to working families to ease energy burdens and arm households with tools to avoid exposure to Big Oil’s price gouging. It’s also an opportunity for the President to endorse limits on fossil fuel exports, as they contribute to higher prices for Americans and fatter profits for industry.”