dghughesNov 26, 2022
Robert Reich
The profits of ExxonMobil, Chevron, BP and Shell have skyrocketed by 169% so far this year to $125 billion.

While you were paying through the nose at the gas pump, Big Oil companies were using the cover of inflation to line their pockets.

It's time for a windfall profits tax.
Nov 26, 2022 at 5:51pmWeb
Show threadFastLearnerNov 26, 2022
@rbreich An additional complexity is that they are pricing for what they know is about to hit us. Most big companies try to price ahead of the market. The scarier thing is what do they know that we don't?!?
Show threadNathan LewisNov 26, 2022
@FastLearner @rbreich
If they cared about that, they wouldn't be giving out record compensation to their CEO's and absentee shareholders and buying back stock. It's price gouging and no one calls them out.
Show threadDiefledermaus82Nov 26, 2022
@nlewis1111 @FastLearner @rbreich Nathan: this is an excellent point - after all, aren’t there Governmental entities who are responsible for ensuring this kind of fleecing doesn’t occur? I wonder why they are silent on these numbers, in plain sight.
Show threadNathan LewisNov 27, 2022
@diefledermaus82 @FastLearner @rbreich It's America, we have Republicans and corporate Democrats who don't care.
Show threadsubuNov 27, 2022
@FastLearner @rbreich I’m beginning to think they don’t know much more than we do but are looking at the geopolitical landscape and hedging their position.
Show threadAutarchNov 26, 2022
@rbreich It's been time for a long time!
Show threadjoe•iuculano Nov 26, 2022
@rbreich aka, the "Greed" Tax
Show threadTim Ward ⭐🇪🇺🔶 #FBPENov 26, 2022
@rbreich
Some of which is £400 from each UK electricity customer, as a taxpayer subsidy ...
Show threadPerryM ✅Nov 26, 2022

@rbreich

I think 99% of all would agree that a windfall profits tax is in order for all industries, pharm, oil, etc. The problem is Congress! I don't think that there's a Republican that would support one!

Show threadlighthouseNov 26, 2022
@rbreich i am a lighthouse
Show threadDear FriendNov 26, 2022
@rbreich It’s time to jettison Republican lawmakers.
Barring taking their lawmaking power, nothing will change.
Show threadUpstart CrowNov 26, 2022
@rbreich Twas ever thus
We have been too late getting and spending
What profiteth a man to gain $125 billion, but to lose the World?
Show thread@pilazerNov 26, 2022
@rbreich When the cost of inputs increases for most industries, profits decrease (or perhaps remain unchanged) even if they pass along the cost increase to consumers. But with gasoline it’s the economics of addiction: the cost to make it isn’t really relevant to what they charge consumers.
Show threadPaul LongmoreNov 26, 2022
@rbreich Making up for all the lost profit during Covid lockdown... and then some!🤷
Show threadploogerNov 26, 2022
The absence of windfall profits hearings before the midterms was one reason I felt the Democrats *should* have lost their majority — were the other party even remotely likely to conduct any if/when they took power.
Show threadmeowmeowNov 26, 2022
@rbreich a windfall tax doesn't seem nearly enough to address what's wrong with the economic system. It's time to abolish adversarial competition as the means of innovation and production.
Show threadKoray Karatay (MD,Scifi maker)Nov 26, 2022
@rbreich Blackrock and Vanguard will not allow you to do so.
Show threadLeeNov 26, 2022

@rbreich
Yes, define Windfall?

ALSO, BUY STOCKS in energy companies

Show threadLarry TorrezNov 26, 2022
@rbreich Mr. Reich. Call it what it is, a greedy bastard tax.
Show threadMs AB ☕Nov 26, 2022
@rbreich It's also time to get rid of your car.
Show threadAlan DahlNov 26, 2022
@rbreich I also find it strange that the price of gasoline in my area has dropped $0.50 - $0.70 a gallon since the election. This is not a coincidence…
Show threadWhois101Nov 26, 2022

@rbreich The Midterms are over, so there is less reason to keep people angry with inflated prices (several stations here had higher prices at their big signs than at the pumps themselves).

And the extreme profit taking now stops now Biden suggested a windfall tax.

But Tucker Carlson was fear-mongering about this all, anyway, last night. Gloom and doom.

Show threadIAmDavidNov 26, 2022
@rbreich absolutely agree, and the owners of capital have said that a windfall tax wouldn’t impact long term strategies. So why don’t governments go for it?! #windfalltax #excessprofits #Petrolprofits
Show threadTh77tbirNov 26, 2022
@rbreich Yes. This story needs to be told more often, and given more prominence.
Show threadLadyhawkeMTNov 26, 2022
@rbreich Same for groceries and most services. Prices jacked up so R’s could say it was dems fault.
Show threadHospiceDragonNov 26, 2022
@rbreich I am so glad to see you on Mastodon. I know this platform is going to catch on. Its better than Twitter already.
Show threadDavid_RaeNov 26, 2022
@rbreich Saving Capitalism (2017) remains valid for our time.
Show threadPaul Marrow 🇪🇺Nov 26, 2022
@rbreich it certainly is. We were paying even more at the petrol/diesel pump 🇬🇧 despite commodity indices suggesting suppliers could pass on a lot more price falls to consumers.
Show threadRickGNov 26, 2022
@rbreich Pretty sure the Saudis oil reduction before the election and big oil going along for the ride with price increases was designed to push elections against Democrats, making $5/gal gas an issue. These two groups are angry at the Democrats for passing a clean energy act that will directly impact lower oil demand.
Show threadThao Jones-HillNov 26, 2022
@rbreich Why do struggling families vote for the people and corporations who are taking money away from them to keep them poor and in the working class… and oppose those who want to help them make more for their families?
Show threadLeslie SeefeldtNov 26, 2022
@rbreich Wish this was much more of a mainstream story.
Show threadBethSmoreNov 26, 2022
@rbreich campaign finance reform has to happen before anything will be done about the corporatocracy. #CampaignFinanceReform
Show threadgunnard  Nov 26, 2022
@rbreich no, that's just how capitalism works. Inflation is caused by printing more money. Who did that? Those people are to blame. Oil companies are just doing what they do best, make money. No reason to be jealous.
Show threadAnita WilcoxNov 26, 2022
@rbreich agree 💯
Show threadMike St-LouisNov 26, 2022
@rbreich while also speeding up the adoption of electric vehicles
Show threadAnneNov 26, 2022
@rbreich very overdue
Show threadPeter DedesNov 26, 2022
@rbreich Naomi Klein's " The Shock Doctrine" is highly instructive.
Show threadDealiahNov 26, 2022

@rbreich I think taxes should be tied to the difference between the top wage earner and the bottom wage earner.

(Ex: 300% difference you say? Guess you'll be paying 300% in taxes this year.)

Show threadTimothy MercyNov 26, 2022
@rbreich Agree with taxing the opportunistic big oil companies. Gouging Americans while under economic pressure causes unnecessary pain.
Show threadWe're Not In Kansas AnymoreNov 27, 2022
@rbreich
Show threadSean_Of_The_IslandNov 27, 2022
@rbreich anyone that does not see this is an idiot
Show thread2labzNov 27, 2022
@rbreich Just one question, Robert: when the price of crude oil dropped to $30/bbl and oil company employees were being laid off at record levels, did you suggest bailouts for Exxon-Mobil, Chevron, etc? No, you didn't...
Show threadDave  🇺🇸🇺🇦Nov 27, 2022
@rbreich Wouldn't that make the government even more in-league with the interests of Big Oil?
Show threadRailroad guyNov 27, 2022
@rbreich I’m surprised by folks who thought these big corporations would take it on the chin profit wise during the pandemic and not gouge people when things returned to “normal”,when the first opportunity presented itself.
Show threadSmokeyGeoNov 27, 2022
@rbreich in 2020 though, oil & gas companies got killed and even though they cut back their investment budgets quite a bit, they still invested in exploration in the hopes that low oil prices wouldn't last forever
Show threadKayhrynTinkNov 27, 2022

@rbreich

They are under-cover-of-world-events squeezing every last kopek/won/penny/dinar/peso/shekel/rupee m~etc~out of their dying industry
No matter the impacts on real people & their lives.
It is an unsustainable model for extraction & production for them long run ~ So Taking the money NOW.

Show thread[email protected]Nov 27, 2022
@rbreich The Kevin McCarthy-led House will take care of that, right?
Show threadMade In CanadaNov 27, 2022
@rbreich the prices are tied to the market and the market is just a hoard of wealthy traders who can't see past their wallets to witness the suffering of others. A blend of capitalism and socialism makes the best society. Work towards financial freedom but don't leave others to die in poverty.
Show threadPixelmNov 27, 2022
@rbreich how does a windfall profits tax bring down prices at the pump? And should government put the money back at times these companies are losing money? All you are doing is raising the cost of capital because the possibility of profits in the good times is what drives investments the rest of the time
Show threadRichardOntarioNov 27, 2022
@rbreich Capitalism in its glory You espouse its virtues but complain when it affects you Pick a side
Show threadVPNov 27, 2022
@rbreich why do people in California pay so much more for gasoline than say people in New Hampshire?
Show threadEmbwafNov 27, 2022
@rbreich I fully support the windfall profits tax. We need a method to separate greed from reasonable profit.
Show threadRWRNov 28, 2022
@rbreich The democrats really need to fix their messaging. GOP all echo the same lies until the lies are all over the headlines and appear to be the truth.
Show threadSilentwolfNov 28, 2022

@rbreich

Bingo. Time to tax the rich. Enough is enough!

Show threadyrrejNov 28, 2022
@rbreich
Lining their pockets and blaming Biden.
Show threadMatt JoyceNov 29, 2022
@rbreich because they are scared to death of GREEN NEW DEAL
Show threadOregonJimNov 30, 2022
@rbreich Did the high prices have anything to do with the election? My local station has dropped $0.40/gal this month.
Show threadPaul ShreadDec 3, 2022
@rbreich Manchin and Sinema could have made a huge difference but instead they doomed the planet and human rights to line their own pockets
Show threadBernardApr 19, 2023
@rbreich
Show threadBernardApr 19, 2023
@rbreich