Americans pay record prices for fuel (Getty)
via White House expressed his anger at her record net profit.Exxon MobilIn 2022, amounting to $ 56 billion, which is a historic figure not only for the company, but for the entire western oil sector.
The White House said, in a statement, on Tuesday, that ExxonMobil’s profit margin is outrageous at a time when Americans are paying record high prices for fuel. The statement criticized attempts by Republicans in the House of Representatives to move forward with policies aimed at supporting the oil sector.
And the White House added, “The latest earnings reports show that oil companies have everything they need, including record profits and thousands of unused approvals to increase production, but choose instead to use those profits to line the pockets of their officials and shareholders, while Republicans petition the House of Representatives.” Representatives made one excuse after another to protect her from any accountability.
Exxon Mobil Chief Financial Officer Kathryn Michaels responded to the growing criticism of the sector’s huge profits, saying that the solution does not lie in raising taxes.
ExxonMobil raked in a record profit of $55.7bn last year, underscoring the windfall for Big Oil after Russia’s full-scale invasion of Ukrainehttps://t.co/UaW57O1IE8
— Financial Times (@FinancialTimes) January 31, 2023
“We look at EU taxes on the energy sector, it’s bad policy and illegal. To try to tax something when what you actually need to do is increase that thing is counterproductive to what you’re trying to achieve,” she said.
Britain and the European Union have raised taxes on energy companies, as the European Union Commission in Brussels raised taxes by 33% on the excess profits of oil and gas companies, and Britain imposed an additional 25% tax on energy profits, as it raised the tax on profits on energy companies. to 65% by the end of 2025.
British Prime Minister Rishi Sunak is considering raising the tax to 30% and extending it until 2028.
Despite this, it is expected that major oil companies will break their annual records thanks to high prices and increased demand, which will raise their combined profits to close to $200 billion. This high level has attracted renewed criticism of the oil sector and prompted calls for more countries to impose more taxes on corporate profits.
and reinforced energy companies The best performer in the S&P 500 over the past year pays a large dividend for shareholders, and has also bought back her stock thanks to the massive cash flow.
The expected profits for the year 2022 are distributed to major companies such as the American “Exxon Mobil” and “Chevron”, the British “British Petroleum”, the Dutch “Shell” and the French “Total Energies”.
The results of the US oil giant “Chevron” showed that the company achieved record profits in the past year, as the company’s net profit during the year ended reached 36.5 billion dollars, compared to 15.6 billion dollars achieved during the previous year.
The profits of major companies for 2023 are set to drop from the record for 2022 to about $150 billion. Despite the decline, it will be the second highest percentage of profits for major energy companies, according to the expectations of the US “Standard & Poor’s” agency.
(Reuters, The New Arab)
