The astonishing third quarter profits announced today by Chevron and ExxonMobil should prompt lawmakers to look at new policies to combat runaway profiteering – including a ban on exports of gasoline.
A new bill called the Gasoline Export Ban Act, unveiled today by Rep. Ro Khanna (D-Ca), would require a ban on gasoline exports when prices surge at the pump.
Exxon Mobil announced record-breaking third quarter profits of nearly $20 billion, three times the mark it set last year. The company posted a substantial jump in sales of motor fuels. Chevron’s third quarter profits were $11.2 billion, twice as much as last year’s mark and the company’s second-highest margin ever. Earlier this week, Shell announced $9.4 billion in profits in the quarter, double its gains from last year.
In response, Food & Water Watch Executive Director Wenonah Hauter issued the following statement:
“The obscene profiteering of corporate oil and gas polluters is driving the inflation that is delivering substantial misery to American families. An economy that is reliant on fossil fuels subjects all of us to the whims of petrostate dictators and profiteering corporations. One solution is to stop the export of gasoline to foreign markets. This is a lucrative business for the oil industry, but it squeezes tights supplies and jacks up prices here at home. If political leaders really want to do something to address inflation and corporate profiteering, they should get behind Rep. Khanna’s bill to stop the export of gasoline.”