Biden calls for crackdown on Big Oil’s windfall profits

Biden calls for crackdown on Big Oil’s windfall profits

Legislative proposal must prioritize climate and consumers, not production increases

WASHINGTON – President Biden gave a speech today calling for a new tax on Big Oil’s windfall profits. The announcement comes days after ExxonMobil announced a record $18.7 billion quarterly profit and weeks before Congress is likely to consider a so-called “tax extenders” package to address expiring corporate tax breaks.

Friends of the Earth Program Manager Lukas Ross issued the following statement in response:

While a windfall profits tax is sorely needed, yet another incentive to drill for oil is not. When Congress returns from recess, we expect President Biden’s swift help in passing a windfall profits tax that refunds Big Oil’s ill-gotten gains to consumers. 

Supporting clean renewables and taxing runaway fossil fuel profits are two sides of the same coin. When a goodie bag of Trump-era tax cuts begins expiring at the end of the year, Democrats in Congress must ensure a windfall profits tax is part of the negotiation.

Communications contact: Brittany Miller, [email protected], (202) 222-0746

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