ExxonMobil announced a record-smashing $59 billion in profits last year, up by over 150% from the previous year.  This comes after Chevron recently announced $35.5 billion in 2022 profits, also a new record. 

New York, February 1 (RHC)-- ExxonMobil announced a record-smashing $59 billion in profits last year, up by over 150% from the previous year.  This comes after Chevron recently announced $35.5 billion in 2022 profits, also a new record. 

Climate groups say the massive earnings underscore the need for a windfall profits tax. The group Stop the Oil Profiteering said> “We’re paying more for gas and electricity because Big Oil companies are gouging Americans and benefiting from a rigged system that keeps prices high in times of war and crisis.”

In related news, a new report by the World Inequality Lab shows the difference in carbon emissions between rich and poor people within the same country is now greater than the difference in emissions between countries.  The report backs windfall taxes and progressive taxation to help fund low-carbon initiatives.