WASHINGTON – President Joe Biden in remarks today attacked oil industry giants for reaping record profits but not lowering prices that are battering U.S. consumers’ pocketbooks – and he should go a step further and impose a “windfall profit tax” on these companies.
Chevron, Exxon Mobil and Shell, among others, have collectively racked up more than $100 billion in profits in 2022 while refusing to lower fuel prices.
The Environmental Working Group urges Biden to call on Congress to pass legislation to create the windfall profit tax, which could provide some benefits to Americans hit hard financially by high gas prices.
“While big oil companies are gloating over record profits to shareholders, they are shaking down U.S. consumers at the pump, forcing hard-working families to pay more and more of their incomes for fuel to make their daily commutes to work and school,” said EWG President Ken Cook. “This is nothing short of rank fleecing of the American people.”
“President Biden and Congress should move swiftly to pass legislation that will return some of these ill-gotten gains directly back to consumers,” Cook said.
In California, a gallon of gas is nearly double what it is in the rest of the country. Just five oil companies control nearly 100 percent of the gas sold in the state. These companies have refused to lower fuel prices for California drivers. Gov. Gavin Newsom has asked for a special session of the state legislature on Dec. 8 to consider his call for an oil industry windfall tax in the Golden State.
The Environmental Working Group (EWG) is a nonprofit, non-partisan organization that empowers people to live healthier lives in a healthier environment. Through research, advocacy and unique education tools, EWG drives consumer choice and civic action.