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
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
