Press Releases
Biden Floats Windfall Profits Tax As Big Oil Price Gouges Americans
Today, Accountable.US released the following analysis in response to President Biden’s latest call to Congress to consider a windfall profits tax on the largest oil and gas companies if they fail to ramp up production.
The President’s announcement comes after eight of the country’s top oil and gas companies posted a whopping $56 billion in profits in the third quarter of 2022. According to Acountable.US’ new analysis, these same companies racked up an eye-popping $139 billion in the first nine months of 2022, a 203% increase from the same time in 2021. While these same companies were jacking up prices on largely middle and working-class consumers, they gave $66 billion to their wealthy shareholders.
We thank President Biden for his leadership on this issue. A windfall profits tax is badly needed if we hope to put a stop to the blatant price gouging of American consumers by the largest oil and gas companies. For far too long Big Oil’s price gouging has gone unchallenged, allowing the industry to artificially inflate prices and give billions of dollars to their already wealthy shareholders - all at the expense of hard-working consumers. Big Oil must be held accountable.”
Jordan Schreiber, Director of Energy and Environment at Accountable.US
Highlights from the Analysis:
| Company | Q3 2022 Profits | Nine Months 2022 Profits | Nine Month % Change | Nine Month Shareholder Returns |
| Exxon | $20,198,000,000 | $43,798,000,000 | 202% | $21,787,000,000 |
| Shell | $9,454,000,000 | $30,056,000,000 | 133% | $18,992,000,000 |
| Chevron | $11,231,000,000 | $29,153,000,000 | 175% | $10,241,000,000 |
| Hess Corp | $515,000,000 | $1,599,000,000 | 199% | $425,000,000 |
| Equinor | $9,371,000,000 | $20,833,000,000 | 300% | $5,887,000,000 |
| Halliburton | $594,000,000 | $929,000,000 | 45% | $544,000,000 |
| Pioneer Natural Resources | $1,984,000,000 | $4,357,009,000 | 222% | $4,111,000,000 |
| Valero | $2,800,000,000 | $8,398,000,000 | 4618% | $3,986,000,000 |
| Total | $56,102,000,000 | $139,123,009,000 | 203% | $65,973,000,000 |
