Booming Oil Earnings Demand Windfall Profits Action

Energy profiteering must be curtailed by Congress

Published Apr 29, 2022


Climate and Energy

Energy profiteering must be curtailed by Congress

Energy profiteering must be curtailed by Congress

Today, Exxon Mobil and Chevron released first quarter earnings that show the companies making astonishing profits while American families struggle with punishing inflation. 

Chevron’s first quarter earnings were the highest in a decade, while Exxon Mobil reported $5 billion in profits over the first three months of the year, a substantial increase from 2021. 

In response, Food & Water Watch Managing Director of Policy Mitch Jones released the following statement:

“The evidence could not be any clearer: The fossil fuel giants are cashing in on the global energy crunch, pinching American families and sending excess profits back to shareholders and Wall Street speculators. This demands a policy response – namely, a windfall profits tax like the one introduced by Rep. Ro Khanna and Senator Sheldon Whitehouse, that would recover much of these ill-gotten gains and return them to struggling households. Lawmakers who complain about corporate concentration and inflation should do something about it – like tackling the damage being caused by polluting profiteers. Speaker Pelosi and Majority Leader Schumer should bring this legislation forward for a vote.”

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Press Contact: Peter Hart [email protected]