October 31, 2022

350.org Responds to President Biden’s Windfall Tax Proposal

(Washington D.C.) Today President Biden delivered remarks on oil companies’ record setting profits. Four of the five largest global oil companies have now  reported results, that combined equal nearly $50 billion in net income this past quarter. Biden berated oil companies for their profits all the while the American people suffer from price increases and inflation. He said he would seek a new windfall profits tax for major oil and gas companies unless they ramp up production to curb the price of gas. 

May Boeve, executive director of 350.org made the following statement:

“A windfall tax on oil and gas companies is long overdue and we’re glad to see President Biden recognize the absurdity of the fossil industry making out like bandits while communities suffer with high costs and inflation. We support a windfall tax with no caveat around increased fossil fuel production. Where Biden gets it wrong is in demanding that fossil fuel companies ‘drill more or else.’ The oil and gas industry should be taxed and they should be made to pay for the damage they’ve caused to people and planet. While the fossil fuel industry makes billions, frontline communities continue to experience catastrophic climate disasters that  destroy their homes and livelihoods at the expense of the fossil fuel industry’s continued drilling and burning of coal, oil, and gas.

“A windfall tax is the first step in a series of steps to hold the fossil fuel industry accountable, phase out production, while investing in real climate solutions. We need the Biden Administration to phase out our dependence on fossil fuels that are further causing climate damage. Communities across the United States and the world deserve tangible climate action, long-term prosperity, and for the fossil fuel industry to be held accountable for the crimes they’ve committed. With COP27 around the corner, there can be no hesitation in our leaders’ commitment to phasing out fossil fuel dependence and delivering on solutions. With less than three years to turn around the climate crisis and keep temperatures under 1.5 C, there is no more time for compromises.”