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Price Gouging Oil Companies Should Pay A Windfall Tax = Bring it on! (1 Viewer)

Razoo

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Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.​


Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.

“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.

“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”

In fact, 2022 could be dramatically better for Exxon and the other major oil companies.











 
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President Joe Biden acknowledged the problem when he announced the US embargo against Russian oil Tuesday. “Russia’s aggression is costing us all, and it’s no time for profiteering or price gouging,” he said. “This is a time when we have to do our part and make sure we’re not taking—we’re not taking advantage.”

Unfortunately, “taking advantage” is what oil companies do. The public-interest environmental law group Earthjustice observedthis week, “While Ukrainians fight for their lives, the oil industry has pounced on an opportunity to profit economically and politically.” How so? With further spikes in gas prices and a predatory lobbying strategy that seeks to leverage the crisis for all it is worth.

“The oil and gas industry and their allies in Congress have pushed a false narrative that the fault of rising gas prices lies with the White House and are shamelessly preying on the fears of working families concerned about prices at the pump to extract big regulatory policy wins to enhance their future profits,” said Drew Caputo, Earthjustice’s vice president of litigation for lands, wildlife, and oceans.

“Big Oil’s latest demand—immediately open more public lands for drilling—is both illegal and will do nothing to lower gas prices for everyday Americans.”

The answer to oil industry lobbyists should be a firm “no.”

But it shouldn’t stop there, said Senator Bernie Sanders. “We can no longer allow big oil companies, huge corporations, and the billionaire class to use the murderous Russian invasion of Ukraine and the ongoing pandemic as an excuse to price gouge consumers,” the Vermont independent declared two days after the invasion began. “It is time to enact a windfall profits tax and reasonable price controls.”

That’s not a radical idea. President Franklin Roosevelt’s administration used such a tax to prevent profiteering during World War II. It was more aggressive than what lawmakers are proposing today: top tax rates that could go as high as 90 percent on the excess profits of corporations and 95 percent for wealthy individuals.


www.thenation.com

Price-Gouging Oil Companies Need to Pay a Windfall Tax

Prices at the pump are shooting up as oil companies turn massive profits. A windfall-profits tax could go a long way toward providing relief for working families.
www.thenation.com
www.thenation.com
 
Because the left will do almost anything besides go out and get a job and make something of themselves.
 

Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.​


Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.

“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.

“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”

In fact, 2022 could be dramatically better for Exxon and the other major oil companies.











So in coming years if like crashes and oil companies loose money, will we give them back the tax to restore a "fair" profit for the year?
 
So in coming years if like crashes and oil companies loose money, will we give them back the tax to restore a "fair" profit for the year?
So in coming years if like crashes and oil companies loose money, will we give them back the tax to restore a "fair" profit for the year?
Google translate not working?
 
Google translate not working?
So in coming years if oil price crashes and oil companies loose money, will we give them back the tax to restore a "fair" profit for the year?
 

Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.​


Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.

“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.

“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”

In fact, 2022 could be dramatically better for Exxon and the other major oil companies.











Not just oil companies. If any product's price went up 4-5 times the rate of inflation they need to be investigated.
 

Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.​


Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.

“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.

“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”

In fact, 2022 could be dramatically better for Exxon and the other major oil companies.











When gas prices soar most everything we purchase we experience a dramatic cost of living increase ...... does not stop at the pump.
 
I don't need to ask which party is supporting the bill for windfall profits tax for oil companies. I laughed out loud.
 
I don't need to ask which party is supporting the bill for windfall profits tax for oil companies. I laughed out loud.
Tax dollar subsides are windfall profits for wealthy corporations ==
 
tax oil companies! oh yea! that won't raise prices! that won't raise prices at all!
 
Not just oil companies. If any product's price went up 4-5 times the rate of inflation they need to be investigated.
Inflation is an average.

Some products need to inflate at a much higher rate due to inelasticity. If for example left wing liberal democrats import 12 million illegal aliens and another million legal immigrants that we don’t need, and refuse to build the wall and so your city has 500,000 new residents and only built 250,000 new apartments, your rent has to go up like 3 times and not just by half so the supply is properly rationed as increasing 800 dollar rent to 1200 won’t cause you to move away.
 
So in coming years if like crashes and oil companies loose money, will we give them back the tax to restore a "fair" profit for the year?

Yes. That is true for any corporation. Though it's not a cash grant, losses in one year are claimable from later taxes.

The only reason it's NOT a credit, is that the government is rightly wary of putting money into corporations which later go bankrupt.
 
Yes. That is true for any corporation. Though it's not a cash grant, losses in one year are claimable from later taxes.

The only reason it's NOT a credit, is that the government is rightly wary of putting money into corporations which later go bankrupt.
Why bother then it will be a wash anyway?
 
Big oil is exploiting their customers daily by using the Invasion as an excuse.
You didn't answer. If they have a bad year, below a "fair profit" are you willing to subsidize them to give them a fair profit?
 
You didn't answer. If they have a bad year, below a "fair profit" are you willing to subsidize them to give them a fair profit?
You mean above and beyond their current annual subsidies well into the billions?
 
Yes a subsidy based upon fair profits.
Perhaps a consideration. But only after the government stops giving them tens of billions of dollars every year regardless of profit margins.
 
Inflation is an average.

Some products need to inflate at a much higher rate due to inelasticity. If for example left wing liberal democrats import 12 million illegal aliens and another million legal immigrants that we don’t need, and refuse to build the wall and so your city has 500,000 new residents and only built 250,000 new apartments, your rent has to go up like 3 times and not just by half so the supply is properly rationed as increasing 800 dollar rent to 1200 won’t cause you to move away.
Which is why I said "investigate" and not "charge".
 
for the oil companies the Russian invasion wasn't a humanitarian crisis/travesty. it was an opportunity to make more $$$$ and buy more stuff.


it's very Christ like.
 

Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.​


Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.

“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.

“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”

In fact, 2022 could be dramatically better for Exxon and the other major oil companies.












Seems like a good time to open up all avenues of production in order to flood the market with oil.

Why is Biden functioning as the bitch of big oil to inflate the prices and their profits?
 
Seems like a good time to open up all avenues of production in order to flood the market with oil.

Why is Biden functioning as the bitch of big oil to inflate the prices and their profits?
this poster simply wants to blame one politician (whom he hates) when oil companies can up their production whenever they want.

and it appears that some around the world are gonna do so (making the people who say that our oil companies can't look like idiots).
 

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