As Americans were struggling to afford to survive due to skyrocketing gas prices and facing horrific environmental disasters worsened by the climate crisis, fossil fuel giant Chevron was having its most profitable year in history, the company’s latest revenue report reveals. In its quarterly report published on Friday, Chevron announced that it collected a profit of $36.5 billion in 2022. Source Source / Read More: Chevron More Than Doubled Its Profits Last Year as Gas Prices Squeezed Wallets
windfall tax
“Political Game Changer:” Biden Calls for Tax on Big Oil’s Excess Profits
President Joe Biden called for a windfall tax on energy companies in a speech on Monday, a move that would deliver a major win to the climate and progressive advocates who have been calling for a tax on excess profits made amid high inflationary rates. In his response to major oil companies posting record-breaking profits, Biden cited wartime policies to stop corporations from war profiteering and said that oil companies must take steps to lower gas prices or face a tax on their profits. “If they passed the rest [of the profits] onto the consumers, the price of gas would…
Biden’s Critique of Big Oil Won’t Have Teeth Without Windfall Tax, Activists Say
President Joe Biden used a Wednesday speech at the White House to scold fossil fuel companies for raking in huge profits at the expense of U.S. consumers, who are being gashed by high prices at the pump. But instead of calling for a specific policy solution that would force the industry’s hand, Biden asked oil companies to voluntarily stop padding their bottom lines and instead “pass the savings on to consumers.” “So far, American oil companies are using that windfall, the windfall of profits, to buy back their own stock, passing that money on to their shareholders, not to consumers,”…
Sanders Calls for Windfall Tax to Defend Economy Against Corporate Greed
Sen. Bernie Sanders on Thursday slammed oil companies for raking in huge profits on the backs of U.S. consumers and reiterated his case for a windfall tax, a demand that came as President Joe Biden’s call for a federal gas tax holiday faced growing pushback from progressives and top officials in his own administration. “Corporate greed is destroying this economy. Right now, people all over the country are paying $5, $6 for a gallon of gas,” said Sanders (I-Vt.), the chair of the Senate Budget Committee. “Meanwhile, in the first quarter of this year, oil company profits were $93 billion,…