Shannon Van Hoesen, shannon.vanhoesen@sierraclub.org
Washington, DC – Last night, President Biden said in a speech that he was willing to work with Congress to enact a windfall profits tax on oil and gas companies. Oil and gas prices have hit record highs this year, as fossil fuel executives have used their profits to enrich shareholders and investors rather than easing the pain for consumers. Exxon alone reported $20 billion dollars in net income in the third quarter, a mere three-month period. That’s triple what they made in the same timeframe last year and the highest quarterly profit in the company's history. Instead of decreasing prices to help average energy consumers who are struggling to make ends meet, oil and gas companies are using those profits to make their shareholders and executives even richer.
There are already bills in Congress that would address the exploitative prices for gasoline and home heating fuels. These bills would tax these excessive profits made on the backs of consumers and end price-gouging tactics, delivering immediate relief to American families. As President Biden noted in his speech, these record profits are in large part possible due to the energy crisis spurred by Russia’s invasion of Ukraine. Our European allies have already enacted their own windfall tax to combat war profiteering by oil and gas companies.
In response, Sierra Club Deputy Legislative Director Mahyar Sorour released the following statement:
“American families have been forced to watch their energy prices rise while oil and gas companies boast of their jaw-dropping profits, quarter after quarter. Big Oil and Gas companies are taking advantage of their consumers while they pollute our environment and attempt to lock us into a future of more profits through expanded fossil fuel production. We applaud President Biden for his statement and urge him to work closely, and swiftly, with Congress to enact windfall profits tax, end the practice of price gouging by energy companies, and stop sending handouts to these multi-billion dollar companies.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.