Members of Congress Blast Big Oil Companies for Windfall Profits Amid High Gas Prices and Climate Crisis

Today, members of Congress strongly criticized major oil companies for raking in massive profits while everyday Americans struggle with high gas prices and the impacts of climate change.

“Year after year, quarter after quarter, Big Oil executives fill their pockets while emptying Americans’, and, at the same time, polluting our planet. America is long overdue for an oil change. We need to put an end to Big Oil’s profiteering and make these executives pay for the real human and environmental costs of their business-as-usual,” said Senator Ed Markey.

As second quarter profits for Chevron, ExxonMobil, BP, Shell and other major oil companies roll in, lawmakers are pointing out that while Big Oil is making money hand over fist, American families are suffering. The high gas prices this past year caused financial hardship for many, with the spike in fossil fuel prices saddling all kinds of businesses with higher costs that have forced them to raise prices on their customers and pull back on new investments.

“Big Oil companies are making obscene profits and rewarding their shareholders with lucrative buybacks. We need a Windfall Profits Tax on these profits to put more money in the pockets of working families. As we look to the future, we must transition to renewable energy and ensure American energy prices are not tied to the whims of dictators abroad,” said Senator Jeff Merkley.

Additionally, many members also made the argument that Big Oil bears significant responsibility for the climate emergency and therefore should pay for the damages.

“Our planet is burning and the oceans are boiling amid a record climate-fueled heat wave. At the same time, Big Oil companies continue to backtrack on climate pledges while hoarding huge profits and buying back stock for wealthy shareholders,” said Senator Sheldon Whitehouse. “It shouldn’t fall on taxpayers to foot the bill for the harm Big Oil has caused. We can hold the fossil fuel industry accountable by making these corporations pay for climate-related disaster damages.”

According to the National Oceanic and Atmospheric Administration, the cost of climate-induced extreme weather events, including wildfires, hurricanes, wind storms, flooding, and droughts, between 2016 and 2020 in the United States has been estimated at $606.9 billion.

“Big Oil is celebrating another round of record profits while Americans across the country are suffering due to extreme heat waves, flooding and polluted air from wildfires fueled by the climate crisis. We have to call out these companies and hold them accountable for the damage they are doing to our planet and our health,” said Representative Ro Khanna.

In response, Big Oil CEOs claimed they are merely meeting energy demands set by consumers. However, lawmakers and experts pushed back on this defense.

“Rather than bring prices down by stabilizing supply or investing in clean energy, Big Oil companies are using their massive profits for stock buybacks,” said Cassidy DiPaola, spokesperson for Fossil Free Media, a nonprofit media lab that supports the movement to end fossil fuels and address the climate emergency. “They are hijacking our economy, holding consumers hostage to boost their bottom line, and jeopardizing our futures all in the name of corporate greed.”

Lawmakers made clear that Congress will continue investigating Big Oil’s price gouging and climate deception. They also vowed to advance legislation cracking down on the industry’s anti-consumer practices and ensuring a rapid transition to clean energy.

“Big Oil continues to rake in massive profits at the expense of American taxpayers, who are cheated when fossil fuel companies lease public lands for cheap and leave us on the hook to clean up their messes. It comes at the expense of families, who bear the harms of natural disasters made worse by the climate crisis. I’ve fought against this corporate abuse since I came to Congress, and I’m proud my bill charging Big Oil more to use our public lands was signed into law last year as part of the Inflation Reduction Act,” said Representative Katie Porter. “But we have more work to do: I recently introduced legislation requiring companies to put down more money for clean-up costs before drilling, and I’m working to return Big Oil’s profits from price gouging back to families in need.”