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Big Oil's Record Profits Wreak Havoc on Consumers, Economy

While executives reap windfall profits, consumers are still stunned at the pump

 

WASHINGTON, D.C. - July 29, 2022 (Investorideas.com Newswire) Fossil fuel behemoths Exxon and Chevron today announced record-breaking earnings in the second quarter of 2022. Chevron posted earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021. Exxon recorded earnings of $17.9 billion during the second quarter of 2022 alone, compared to $4.7 billion during the second quarter of 2021.

In response, Robert Weissman president of Public Citizen, issued the following statement:

"Big Oil is laughing all the way to the bank – and the joke's on us. With sky high spot prices for oil but flat production costs, of course Big Oil is going to profiteer at the expense of consumers.

"We don't have to be suckers. A windfall profits tax with rebates to taxpayers would offset the pain at the pump and end Big Oil's profiteering. Banning U.S. oil exports would actually lower prices for American consumers.

"It's time for Congress and the Biden administration to stop complaining about Big Oil's rip off and start doing something about it."

Contact: Patrick Davis, pdavis@citizen.org

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