ExxonMobil just announced that it had $56 billion in profits in 2022 alone. That comes out to $6.3 million per hour, or more than $100,000 per minute.
Exxon’s news follows announcements that Pfizer raked in $31.4 billion in profit and Chevron ended 2022 with more than $36 billion in profit.
At a time when millions of Americans are struggling to get by and put food on the table, it’s obscene for big corporations to be price gouging consumers in order to maximize profit. Congress needs to pass a windfall profits tax to rein in excessive corporate profits.
In remarks at the White House last year, President Biden called on oil companies to "act beyond their narrow self-interest." If they don’t, he warned, "they’re going to pay a higher tax on their excess profits and face higher restrictions."
Now, as more and more evidence comes in showing that companies like Exxon, Chevron and Pfizer are greedily taking advantage of consumers, it’s time for Congress to move forward with a windfall profits tax on big corporations, and for President Biden to sign that bill into law. Show us the money, literally. Thanks.
