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.”