US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’

US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’

Donald Trump has criticised oil companies for “making too much money” from the global energy market disruption caused by his war on Iran.

Brent crude had been trading at about $70 (£52) a barrel before the first US-Israeli strikes at the end of February, but by the end of April it had soared as high as $126 and is now trading at about $85 a barrel.

The US president took aim at the windfall profits revealed last week by ExxonMobil and Chevron, and said the companies would “give some of that back to the public”.

  • HulkSmashBurgers@reddthat.com
    91·
    3 days ago

    U.S. Government Subsidies to Oil Companies in 2026

    In 2026, the U.S. federal government is estimated to provide $35 billion annually in subsidies to the fossil fuel industry, which includes oil companies.

    Breakdown of Subsidies

    The subsidies can take various forms, including:

    • Direct Financial Subsidies: Tax breaks and direct payments to oil companies.
    • Land Acquisition: Reduced royalties and access to public lands for drilling.
    • Permitting: Streamlined processes for obtaining permits.
    • Government Services: Infrastructure support, such as road maintenance.

    Maybe it’s time to stop the subsdies.

    • phutatorius@lemmy.zip
      2·
      12 hours ago

      Maybe it’s time to nationalize the oil companies in partial compensation for the environmental damage they’ve knowingly done, imprison their senior executives, and start an aggressive program of shutting the industry down in the next five years, in as irreversible way as possible.