Democratic senators are calling for a windfall tax
US politicians up windfall tax rhetoric ante
Surging downstream profits add fuel to the fire, but the spectre of demand destruction lurks
Calls for a windfall tax on US oil and gas companies just notched up another gear after major refiners Marathon Petroleum, Valero, Phillips 66 and PBF Energy posted more than $15bn in combined earnings across Q2, adding to the $29.5bn reported by integrated majors Chevron and ExxonMobil over the same quarter. Politicians including Democratic senator Bernie Sanders were quick to highlight billions of dollars planned in stock buybacks this year, while soaring fuel prices have left President Joe Biden fuming. Clashes with the downstream have rumbled on for months, despite the sector running at near 100pc utilisation and reduced US refining capacity partially accelerated by the pandemic-driven d
Also in this section
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
