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Exxon's $73.6 billion record annual profit angers White House
The Straits Times
|February 02, 2023
‘Pocket-padding’ at time of record fuel prices sparks outrage
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The White House expressed outrage on Tuesday at ExxonMobil Corp's record net profit in 2022 of US$56 billion (S$73.6 billion), a historical high not just for the company but for the entire Western oil industry.
Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to nearly US$200 billion. The scale has brought renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.
A White House statement said Exxon's profit margin was particularly galling as Americans paid record-high prices at the pump. It criticised attempts by Republicans in the House of Representatives to push policies aimed at supporting the oil industry.
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