brought on by the war in Ukraine. Biden threatened oil companies with windfall profit taxes in response. At the time, that seemed an unlikely solution because of a lack of congressional willpower, but perhaps that might change now that the scope of Exxon and Chevron’s winnings are on display.
Unfortunately, President Biden simultaneously encouraged fossil fuel companies to boost production—which is counterproductive for the climate andOn top of record profits, Chevron posted record levels of U.S. oil and gas production according to their investor report—exemplifying that the price issue isn’t simply one of reduced supply. Exxon, too, noted increased production at the end of this past year compared with 2021 and the previous 2022 quarter—pumping out an average of 3.
Both Exxon and Chevron have made big claims about reducing their “carbon intensity” and focusing on “low carbon solutions.” But each of these terms is little more than
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