Saudi Aramco and BP Report Combined $50 Billion in Third Quarter Profits, Biden and the Democrats Take Action to Hold Them Accountable

Marathon Petroleum and Phillips 66 reported $3.86 billion and $3.12 billion in profits, respectively, from Q3

WASHINGTON, D.C. – Hours after President Biden called for a windfall profits tax to hold Big Oil accountable for their price gouging and profiteering, Saudi Aramco – the world’s largest oil company – reported $42.4 billion in net income for the third quarter, BP released third quarter profits to the tune of $8.15 billionMarathon Petroleum reported $3.86 billion, and Phillips 66 reported $3.12 billion. Instead of lowering prices and putting money back in the pockets of working Americans, these oil giants chose to reward their wealthy executives and investors. 

President Biden and the Democrats are fighting back against excessive profits and bad faith C-suite handouts that the oil and gas industry thrives on. The President’s push for a windfall profit tax shows that he is holding the industry accountable for price gouging the American public – something that every single Republican in Congress has failed to do. Not a single Republican voted for the Climate Law, the most consequential climate action the United States has ever seen and a law that will move the nation away from the oil and gas industry, or the Price Gouging Prevention Act, a bill that would have ended price gouging at the pump. 

A new poll shows that 76% of voters in battleground states believe oil and gas companies raising prices on consumers to maximize their profits is to blame for high gas prices. In just a week, those same voters will cast ballots to decide whether to hold these corrupt CEOs accountable, or to let the executives and their Republican allies take their money and run.