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Shocking Oil Profits Demand Crackdown

WASHINGTON, D.C. – Fossil fuel behemoths Exxon and Chevron announced astounding earnings this week due to the year’s oil and gas price surge. Exxon reported its most profitable quarter ever, netting earnings of $19.7 billion – nearly triple the $6.8 billion during the third quarter of 2021. Chevron posted earnings of $11.2 billion during the third quarter. Adding the earnings report from Shell, the three top oil companies have recorded $104 billion for the year to date, more than triple last year’s levels. Robert Weissman, president of Public Citizen, issued the following statement:

“We don’t need to be suckers. Consumers are paying as Big Oil is gobbling up more than $100 billion in profits by doing nothing other than watching world prices soar due to Russia’s invasion of Ukraine. The solution is simple: A windfall profits tax that extracts Big Oil’s unjust enrichment and returns the money to the people.

“Let’s be clear: Booming oil and gas production and sky-high prices are driving inflation for ordinary people, and Big Oil executives are pocketing the profits. The cost of getting oil and gas out of the ground remains the same. Still, the price of gasoline, home heating and gas-fired electricity production have skyrocketed, allowing fossil fuel giants to virtually print money unchecked.

“Fossil fuel giants are doing everything they can to ensure this situation lasts as long as possible. They’re ramping up oil and methane gas exports, driving up prices for U.S. consumers and further exposing us to international turmoil. They pretend that more drilling will help. But they know that starting exploration and drilling now will have no impact on supplies any time soon. And they know that more oil and gas drilled in the U.S. will be exported – and that does virtually nothing to lower prices for Americans.

“It’s past time for Congress to put an end to this madness. A windfall profits tax with rebates to taxpayers would offset the pain at the pump and limit Big Oil’s egregious rip-offs. Even Shell’s CEO, Ben van Beurden, acknowledges that it makes sense for governments to tap the industry to aid struggling consumers.

“Oil and gas executives, and lawmakers, should follow this rare bit of common sense from an executive at an industry that has done so much damage to our planet and consumers.”