1 February 2023 | Business | Regulation

Exxon Mobile is criticized for $56 billion profit

The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries. 

The profit of oil companies may reach $200 billion in 2022. This created a new wave of criticism and calls for more countries to levy additional income taxes on oil producers.

A White House statement said that the amount of Exxon’s profit is dislikable because the Americans were forced to endure record high prices at the stations. 

According to this statement, oil companies have all the necessary resources, record profits, and many approved but unused permissions to increase production. However, companies instead continue to increase profits for shareholders and executives.

Exxon's CFO Kathryn Mikells responded to criticism and said that a tax increase isn’t a way out. She thinks that it is wrong to tax something from which they seek to increase profits.

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