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      stop the oil profiteering

      Big Oil war profiteering

      Climate Groups Cheer Khanna-Whitehouse Bill to Tax Big Oil Windfall Profits

      "The American public wants to hold Big Oil accountable for its relentless war profiteering while getting some relief from price gouging at the pump," one campaigner approvingly noted.

      Brett Wilkins
      Feb 14, 2023

      In a move welcomed by climate campaigners, a pair of Democratic U.S. lawmakers on Tuesday reintroduced a Big Oil Windfall Profits Tax, legislation meant to take on corporate greed and "send relief to the American public."

      Sen. Sheldon Whitehouse (D-R.I.) and Rep. Ro Khanna (D-Calif.) revived the bill, which was first proposed last year as gas prices soared due in large part to Big Oil profiteering amid Russia's invasion of Ukraine. Under the proposal, oil companies producing or importing more than 300,000 barrels per day would pay a "per-barrel quarterly tax equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."

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      big oil windfall profits tax
      ExxonMobil 2022 profits

      Calls for Windfall Tax Grow as ExxonMobil Smashes Big Oil Profit Record With $56 Billion Haul

      "Enough is enough," said one advocate. "It's time to fight back against the politicians and Big Oil CEOs who put their billions before the health and safety of our families, our communities, and our climate."

      Brett Wilkins
      Jan 31, 2023

      As ExxonMobil on Tuesday joined other U.S. oil companies in reporting record 2022 earnings amid rising gas prices, consumer and climate advocates renewed calls for a Big Oil windfall profits tax.

      Texas-based ExxonMobil posted a $55.7 billion profit last year, breaking not only its own previous company record—$45 billion in 2008—but setting a historic high for the Western oil industry, according toReuters. The company's profit is a 144% increase from 2021 and, as Fossil Free Media director Jamie Henn noted, "enough money to send every person in the U.S. $178 to help offset the costs of high fossil fuel costs and gas bills."

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