Two US Oil Giants Reap $90B in Combined Profit on the Backs of Consumers

Fossil fuel giant Exxon Mobil announced record-smashing profits today, further underscoring the need for officials in Washington to rein in Big Oil’s runaway enrichment at the expense of consumers struggling with high energy bills.

Exxon posted $56 billion in earnings for the full year 2022, breaking its 2008 record and setting a new high for Western oil majors. Combined with Chevron’s $35.5 billion 2022 profits reported last week, the two giants totaled more than $91 billion in earnings – another record.

Robert Weissman, president of Public Citizen, released the following statement:

“Big Oil has imposed a private tax on the American people – to the tune of more than $90 billion from just two companies alone.

“It’s past time for the American people to take that money back. A windfall profits tax would tax Big Oil on its inflated revenues – due only to the rising global price of oil and having nothing to do with Big Oil’s costs or investments – and return the money to American consumers.

“This industry is out of control. Big Oil is price gouging us to record profits while destroying the ability of future generations to live on our planet. Meanwhile, consumers spent last year paying high prices to put fuel in their cars and are spending more to heat and power their homes this winter. It is long past time to crack down on this out-of-control industry.”