Washington, DC — Reporting today indicates that Donald Trump plans to host oil industry executives at the White House tomorrow, even as the average gas price is over $4 a gallon and Big Oil companies reported $85.2 billion in combined Q2 profits. Much of that windfall came from the surge in oil prices following the war, not from a sudden increase in production, efficiency or innovation. Trump himself railed against Big Oil companies on Truth Social for keeping the price of gas high while raking in record profits. Sierra Club urges support for a windfall profits tax proposed by Congressman Khanna and Senator Whitehouse that would recover a portion of the excess profits oil companies receive during a global crisis and return that money to the people who paid higher prices. In response, Sierra Club Director of Beyond Fossil Fuels Policy Mahyar Sorour released the following statement: “Even Trump acknowledges that Big Oil companies are price gouging families at the pump. Families are having to absorb higher gas prices because of a war they did not want, while the largest oil companies are turning it into a multibillion-dollar payday. That’s not innovation or American energy leadership, it’s war profiteering. If Big Oil earns extraordinary profits from extraordinary circumstances, the American public should get some of that money back. We urge Congress to hold Big Oil accountable and Trump should ensure that families are not left footing the bill in the middle of an affordability crisis.”
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