Trump faces calls for windfall tax on big oilâs profits from Iran war
US presidentâs complaint industry âmaking too much moneyâ comes after his policies boosted corporations Donald Trumpâs statement that oil companies have made âtoo much moneyâ
US presidentâs complaint industry âmaking too much moneyâ comes after his policies boosted corporations Donald Trumpâs statement that oil companies have made âtoo much moneyâ from the Iran war has angered environmentalists, who say that his policies were designed to benefit those very corporations. If he really believes his own claims, he should impose a windfall profits tax, advocates say.
âTrumpâs declaration that big oil is âmaking too much moneyâ belies his accommodation and giveaways to the industry that have enabled its price-gouging â not to mention his disaster of a war of choice against Iran,â said Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen. âBut like a broken clock thatâs correct twice a day, the president is right that oil companies are âmaking too much moneyâ, which means Trump should endorse a windfall profits tax.â ExxonMobil and Chevron on Friday both reported windfall profits for the second quarter of the year.
Chevron said its earnings soared nearly 400% to $12bn, while Exxonâs profits more than doubled to $14.5bn. On Monday evening, Trump took aim at those
gains, saying the companies âought to give some of that back to the publicâ. Continue reading...
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