As oil profits skyrocket, calls for windfall taxes rise

Oil companies are making massive profits and stockpiling cash, and holding off on changing their investment plans.

By: Tibor Besedeš, Georgia Institute of Technology, The Conversation

Outlets: The Conversation

Published: August 12, 2026

Words: 1,177

Last Updated: 6 days, 6 hours ago

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By Tibor Besedeš, Georgia Institute of Technology

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 …

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