"It’s outrageous."īiden also criticized oil companies for using their profits "to buy back their own stock, rewarding their CEOs and shareholders." He added a proposal to quadruple the tax on corporate stock buybacks "to encourage long term investments instead." "Big Oil just reported record profits. Last year, they made $200 billion in the midst of a global energy crisis," Biden said. President Joe Biden addressed the earnings in Tuesday night's State of the Union address. "In 2022, energy giants got richer while the rest of us got poorer as the cost of oil and gas rocketed," Alice Harrison, fossil fuels campaign lead at environmental sustainability nonprofit Global Witness, said in a statement to USA TODAY. "Nothing could be a starker example of just how broken our energy system is, which is harming both the planet and people immensely." Biden calls Big Oil profits 'outrageous' in SOTU EU's windfall taxįive of the West's largest energy companies – Exxon Mobil, BP, Shell, TotalEnergies and Chevron – have reported nearly $200 billion in 2022 profits combined. The White House, advocacy nonprofits and more have expressed outrage about the companies' 2022 record profits. Still, some these same energy giants broke company records for annual profits by the year's end. Money: Even with a mild winter, more Americans struggle to pay their energy billsįor companies that chose to exit Russian operations due to the war, there were some costs – with BP, for example, taking charges of $25.5 billion as the result of deciding to exit its investments in Russia. How much will gas cost in 2023? Gas prices have jumped for five straight weeks and are 'unlikely' to drop soon, experts say While those numbers have since come down, with Brent crude averaging at $88.87 in the fourth quarter, natural gas prices at the start of February were still three times what they were before Russia's invasion, according to the Associated Press. Last summer, natural gas prices in Europe hit record levels and oil hovered at $120 per barrel. People worldwide also struggled with rising heating and electricity bills in 2022. At one point last year, the nation's average gas price topped $5 a gallon. In the U.S., Americans notably felt this impact with climbing prices at the pump. Some of the world's biggest oil giants are reporting billions of dollars in annual profits for 2022 – a year when consumers around the globe faced soaring energy prices.Īfter Russia invaded Ukraine, energy supplies to Europe were cut – and oil and natural gas prices surged around the world.
Watch Video: Biden proposes tax on oil companies' profits amid record earnings
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