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@kytphine：Another big quarter for Big Oil brings more political backlash The jaw-dropping size of Big Oil's latest quarterly profits - nearly $31B combined by Exxon Mobil (XOM) and Chevron (CVX) - has revived calls from politicians and consumer groups to impose more taxes on the companies or restrict gasoline exports. According to Bloomberg, Exxon Mobil, Chevron, Shell (SHEL) and TotalEnergies (TTE) are even paying nearly $100B to shareholders annually in the form of buybacks and dividends while reinvesting just $80B in their core businesses this year. Snapshot: President Biden has scolded oil companies for their high earnings and accused them of gouging motorists, while singling out Exxon after Friday's dividend increase. "Can't believe I have to say this, but giving profits to shareholders is not the same as bringing prices down for American families," he tweeted. "Those excess profits are going back to their shareholders and their executives instead of going to lower prices at the pump and giving relief to the American people, who deserve it and need it." Senate Majority Leader Chuck Schumer has also called the earnings "unconscionable," while Rep. Ro Khanna (D-CA) introduced legislation that would ban American gasoline exports whenever the domestic price (over the prior seven days) averages at least $3.12 a gallon. That was the average cost of gas in 2019, before the coronavirus pandemic and Russia's war in Ukraine. Responses: Exxon CEO Darren Woods devoted two pages of prepared remarks during the company's earnings conference call detailing why the EU's windfall taxes on the energy industry will raise energy prices for consumers in the long run. Chevron CFO Pierre Breber reiterated that "taxing production will just reduce it... If you raise costs on energy producers, it will decrease investment so that goes against the intent of increasing supplies and making energy more affordable." On the other hand, Shell (SHEL) CEO Ben van Beurden said the energy industry should "embrace" the "societal reality" of higher taxes to help the struggling parts of society. source: https://seekingalpha.com/news/3897543-another-big-quarter-for-big-oil-brings-more-political-backlash?lctg=629bf686715db8e7e60d301f&mailingid=29542495&messageid=wall_street_breakfast&serial=29542495.2651379&userid=56657482&utm_campaign=WSB%2010_31_22&utm_medium=email&utm_source=seeking_alpha&utm_term=wall_street_breakfast
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