The Progressive


A project of Common Dreams

For Immediate Release

Patrick Davis, 

Big Oil's Record Profits Wreak Havoc on Consumers, Economy

While executives reap windfall profits, consumers are still stunned at the pump.


Fossil fuel behemoths Exxon and Chevron today announced record-breaking earnings in the second quarter of 2022. Chevron posted earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021. Exxon recorded earnings of $17.9 billion during the second quarter of 2022 alone, compared to $4.7 billion during the second quarter of 2021.

In response, Robert Weissman president of Public Citizen, issued the following statement:

"Big Oil is laughing all the way to the bank - and the joke's on us. With sky high spot prices for oil but flat production costs, of course Big Oil is going to profiteer at the expense of consumers.

"We don't have to be suckers. A windfall profits tax with rebates to taxpayers would offset the pain at the pump and end Big Oil's profiteering. Banning U.S. oil exports would actually lower prices for American consumers.

"It's time for Congress and the Biden administration to stop complaining about Big Oil's rip off and start doing something about it."

Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.

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