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To: Congress
Record Breaking Profits for Big Oil shows we need a Windfall Profit Tax!
Big oil corporations have price gouged their way to historic, record-breaking profits. ExxonMobil alone had the most profitable year in the history of the Western Oil Industry. They exploited the war in Ukraine and anxiety around inflation to jack up their prices. We need a Windfall Profit Tax
Why is this important?
ExxonMobil just crushed the record for the most profitable year in the history of the ENTIRE western oil industry. They netted $56 billion in profit in 2022!1
The fact that this happened the same year gas prices went through the roof makes it very clear what exactly was going on. The White House has now twice called out the oil industry for price gouging consumers2,3 and it’s time for Congress to respond by passing the Windfall Tax.
Sign the petition: We need a Windfall Profits Tax! In 2022, ExxonMobil set a new record for the most profitable year in the history of the western oil industry.
ExxonMobil isn’t the only one exploiting consumers, fossil fuel companies across the industry saw historically massive profit margins. The combined industry profit this year is almost $200 billion!4 Instead of investing these massive profits into lowering prices, corporations have been sending it to their shareholders in the form of stock buybacks.
This is all a result of disgusting greed and exploitation. The oil industry took advantage of the war in Ukraine and public anxiety around inflation to jack up gas prices. CEOs at ExxonMobil and Shell are drenched in obscene profits while regular working people have been crushed by soaring prices. Congress must pass the Windfall Profits Tax.
Sign the petition: We need the Windfall Profits Tax! Big oil corporations have price gouged and profiteered off the War in Ukraine and inflation anxiety. Now they are swimming in record-breaking profits. Windfall Profits Tax, NOW!
Sources:
1. Reuters, “Exxon smashes Western oil majors' profits with $56 billion in 2022,” January 31, 2023.
2. The Guardian, “Biden accuses oil companies of ‘war profiteering’ and threatens windfall tax,” October 31, 2022.
3. Reuters, “White House blasts Exxon over historical $56 bln annual profit,” February 1, 2023.
4. Reuters, “Exxon smashes Western oil majors' profits with $56 billion in 2022,” January 31, 2023.