“A Windfall of War” – Biden’s Warning to Big Oil

November 1, 2022

Consumer Watchdog.org:

Windfall profits taxes are made by oil companies squeezing consumers for every penny they can get away with. They have been making outsized profits, but instead of investing these gains into more oil production or renewable alternatives, oil companies have engaged in a frenzy of stock buybacks and a buildup of cash reserves over the last two years as pandemic restrictions have eased and demand has rebounded.3

Indeed, eight of the biggest oil companies in the world posted record-breaking second quarter 2022 profits totaling $51 billion. Phillips 66 posted a 981% increase in quarterly profits, while ExxonMobil and Chevron each reported a rise or 273% and 276% respectively. 4 California refiners alone reported more than $26 billion in second quarter profits by capitalizing on the Russia- Ukraine war. They raised prices at the pump because their cartel-like hold on the market allowed them to do it.


4 Responses to ““A Windfall of War” – Biden’s Warning to Big Oil”

  1. J4Zonian Says:

    A windfall of neoilliberal government by both parties. Biden has utterly ignored & the need & reused to act to declare an emergency, pack the court, begin the process of admitting DC & the territories as states, stop all fuel extraction on federal lands (and states controlled by Democrats), and embrace progressive policies.

  2. rhymeswithgoalie Says:

    There’s no reason for the oil&gas companies to invest in more extraction if they see the writing on the wall. Rather than wait for demand to inevitably drop, it seems they are just get ahead of it and let supply drop and reap the profit from the still-needy market.

    There was never going to be a graceful, painless way to wean the world off of oil&gas, or the petro-states and companies off of their income.

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