As Oil CEOs Announce Record Profits, Gas Prices Rise Again

While Big Oil Executives at Exxon,Chevron and now BP are celebrating massive windfall profits, the prices at the pump paid by the public are increasing yet again according to a new AAA analysis. Following last week's record earning reports from ExxonMobil and Chevron, BP has just announced their "exceptional" first quarter profits, boosting shareholder buybacks to $2.5 billion. Meanwhile, a study by Friends of the Earth found that if a windfall profits tax was in place, those two companies alone would have returned $5.4 billion to American taxpayers based on the profit they raked in during the first three months of 2022. According to new polling, a whopping 80% of voters want a windfall profits tax on big oil, including 73% of Republicans.

In response, Jamie Henn, spokesperson for STOP (Stop the Oil Profiteering), released the following statement:

"The champagne keeps flowing in the corner offices of Exxon, BP, and Chevron as their profits go up along with gas prices, but everyone else is feeling real pain at the pump. The public wants and deserves relief from Big Oil's reckless war profiteering. That's why a windfall profit tax on Big Oil is so popular: it holds these profit-crazed CEOs accountable while putting checks in the pockets of American taxpayers right now. Democratic leaders have made some important moves forward to tackle high gas prices, and passing a winning policy like the windfall profits tax should be next on the list."