Oil companies “profiteering?” Well, yes. Always, but Biden’s accusation comes with the threat of a windfall tax. Now, this! is a good idea.
Oil and Gas CEOs’ greed and profiteering make our energy costs even more expensive. Instead of using profits to lower consumer costs, Big Oil is enriching its wealthy shareholders to the tune of $61 billion in stock buybacks and dividends. Last year, the 28 top oil and gas CEOs raked in $384 million in compensation, a nearly $45 million increase since 2020.
The top five oil companies reported over $35 billion in profits in just the first quarter of 2022, thanks to Russia invading Ukraine and the companies jacking up prices at the pump. See the results of their profiteering and price-gouging:
- Shell: $9.1 billion in profits
- Exxon Mobil: $8.8 billion in profits
- BP: $8.2 billion in profits
- Chevron: $6.5 billion in profits
- ConocoPhillips: $4.3 billion in profits.
The New York Times: Biden accuses oil companies of “War Profiteering” and Threatens Windfall Tax