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For Immediate Release

Contact

Peter Hart, phart@fwwatch.org

Press Release

Booming Oil Earnings Demand Windfall Profits Action

WASHINGTON -

Today, Exxon Mobil and Chevron released first quarter earnings that show the companies making astonishing profits while American families struggle with punishing inflation.

Chevron’s first quarter earnings were the highest in a decade, while Exxon Mobil reported $5 billion in profits over the first three months of the year, a substantial increase from 2021. 

In response, Food & Water Watch Managing Director of Policy Mitch Jones released the following statement:

“The evidence could not be any clearer: The fossil fuel giants are cashing in on the global energy crunch, pinching American families and sending excess profits back to shareholders and Wall Street speculators. This demands a policy response – namely, a windfall profits tax like the one introduced by Rep. Ro Khanna and Senator Sheldon Whitehouse, that would recover much of these ill-gotten gains and return them to struggling households. Lawmakers who complain about corporate concentration and inflation should do something about it - like tackling the damage being caused by polluting profiteers. Speaker Pelosi and Majority Leader Schumer should bring this legislation forward for a vote.”

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Food & Water Watch mobilizes regular people to build political power to move bold and uncompromised solutions to the most pressing food, water, and climate problems of our time. We work to protect people’s health, communities, and democracy from the growing destructive power of the most powerful economic interests.

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