U.S. oil and gas corporations are poised to rake in windfall profits of up to $126 billion this year as they exploit Russia’s attack on Ukraine to raise prices at the pump.
If oil prices average $88 per barrel, the new analysis finds, the U.S. oil and gas industry would reap $37 billion in additional profits in 2022.
“It is unconscionable that U.S. upstream companies like Chevron, Occidental, and ExxonMobil, who receive federal tax subsidies totaling millions of dollars every year, are now set to make billions of dollars more from these high wartime gas prices,” Tim Donaghy, the research manager at Greenpeace USA, said in a statement Tuesday.
Collin Rees, the U.S. program manager at Oil Change International, argued that the new findings bolster the case for a windfall profits tax of the kind congressional Democrats“From lobbying against climate solutions to actively spreading misinformation, the oil and gas industry has spent decades doing everything in its power to deepen our dependence on dirty fossil fuels,” said Rees. “Now, Big Oil and Gas executives are rolling in cash while working families suffer.
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