The Progressive


A project of Common Dreams

For Immediate Release

Brittany Miller,

Biden Calls for Crackdown on Big Oil's Windfall Profits

Legislative proposal must prioritize climate and consumers, not production increases.

President Biden gave a speech today calling for a new tax on Big Oil's windfall profits. The announcement comes days after ExxonMobil announced a record $18.7 billion quarterly profit and weeks before Congress is likely to consider a so-called "tax extenders" package to address expiring corporate tax breaks.
Friends of the Earth Program Manager Lukas Ross issued the following statement in response:
While a windfall profits tax is sorely needed, yet another incentive to drill for oil is not. When Congress returns from recess, we expect President Biden's swift help in passing a windfall profits tax that refunds Big Oil's ill-gotten gains to consumers.
Supporting clean renewables and taxing runaway fossil fuel profits are two sides of the same coin. When a goodie bag of Trump-era tax cuts begins expiring at the end of the year, Democrats in Congress must ensure a windfall profits tax is part of the negotiation.

Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.

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