"Progressives and environmentalists pointed to huge first-quarter profits posted by major oil companies to argue in favor of a windfall profits tax on oil companies amid the ongoing energy crunch.

Exxon Mobil reported an earnings total of $5.5 billion Friday, even after the $3.4 billion loss the company took after divesting from Russia in response to the invasion of Ukraine. Chevron, meanwhile, announced a nearly 20 percent increase from the quarter before, reporting $6.3 billion in the first quarter of 2022.

Critics of the oil companies called the reports evidence of gouging by the fossil fuel industry at a time when consumers have seen gas prices skyrocket. Environmental groups have called for taxes on oil companies’ windfall profits to be passed on to consumers.

Facing midterm headwinds due in part to pain at the pump, congressional Democrats have pinned the increases on a combination of corporate greed and the Ukraine crisis. Republicans have pointed the finger at Biden administration policies."

Zack Budryk reports for The Hill April 29, 2022. [2]