ICYMI: The Guardian: Trump Faces Calls For Windfall Tax On Big Oil’s Profits From Iran War

Big Oil has raked in billions of dollars in profits in Q2, with Chevron and Exxon– two companies in which Trump had millions of dollars in stock – collectively bringing in $26 billion

Washington, DC – Instead of actually holding Big Oil companies accountable for making billions off his war of choice in Iran with a windfall tax, Trump is staging performative PR stunts suddenly feigning outrage over skyrocketing gas prices. Earlier this week, Trump criticized Chevron and Exxon for “making too much money,” — conveniently leaving out the millions of dollars in stocks he has owned in both companies — and then tried to claim credit for helping the oil and gas industry make a fortune. 

In 2024, Trump gathered ultra-wealthy oil and gas donors — including Chevron and Exxon — and made them a “deal”: If they donated a billion dollars to his campaign, he’d make it worth their while. From gutting pollution protections to his war of choice, Trump has followed through on his promise. Now, it’s no surprise that he is refusing to make those same companies pay for raking in billions in profits and leaving the American people to pay the price. 

The Guardian: Trump faces calls for windfall tax on big oil’s profits from Iran war

Donald Trump’s statement that oil companies have made “too much money” 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…

Not long ago, however, Trump was celebrating the fact that the war on Iran, which he launched with Israel in February, has pushed up gas prices. “When oil prices go up, we make a lot of money,” he said on social media in March…

Trump has also relentlessly boosted oil and gas interests while in office. In 2024, he reportedly met with more than 20 oil bosses, seeking $1bn in campaign donations from their industry and promising if elected to remove dozens of environmental regulations.

While he did not manage to get to that $1bn figure, he did obtain record contributions from the sector. Since re-entering the White House last year he has eased dozens of restrictions and regulations on fossil fuel expansion, exempted fossil fuel producers from environmental rules, and signed an executive order last year directing the attorney general to prioritize blocking climate lawsuits targeting oil majors…