Story thread · 3 reports / 3 sources

As Oil Profits Skyrocket, Calls for Windfall Taxes Rise

news.gatech.edu · 12dShare

As Oil Profits Skyrocket, Calls for Windfall Taxes Rise Superadmin Wed, 09/02/2026 - 14:29 When Chevron reported its highest quarterly profit in six years on July 31, 2026, it was just one detail in a larger picture: Analyst firm Wood Mackenzie estimates the global oil and gas industry is on course for a cash windfall of US$495 billion in 2026 . That’s profit above and beyond what the industry expected before the U.S.-Israel war with Iran began. Three separate bills seeking to tax those profits are now in Congress, and President Donald Trump has even said the oil companies are “ making too much money .” As an applied microeconomist , I am often asked how taxes affect economic activity. Economists have long held a more nuanced view of windfall taxes than either side of the current debate suggests. Advocates often make overly optimistic revenue projections, and opponents often overstate how much such a tax might discourage investment. A 1980s U.S. windfall-tax experiment is instructive o

First report: Oil Companies and Banks Face UK Windfall Tax Threat — oilprice.com, 14d