The Top 5 Performing Small Oil Companies This Quarter

The Top 5 Performing Small Oil Companies This Quarter

The earnings season is now drawing to a close, with 85% of S&P 500 companies having returned their Q3 2022 scorecards. According to FactSet Earnings Insights, the Energy sector is reporting the highest earnings growth of any market sector at 134%. All five sub-industries in the Energy sector are reporting year-over-year earnings growth for the … Read more

Biden Says Big Oil’s Windfall Profits Result Of ‘Brutal War’

Biden Says Big Oil’s Windfall Profits Result Of ‘Brutal War’

In an address to the nation on Monday, President Joe Biden raised the specter of a windfall tax on energy companies that refuses to boost domestic production to bring down oil and gas prices which will weigh on midterm elections on November 8th. With earnings season in full force, Biden was responding to a barrage … Read more

Czechs Offers 60% Tax On Excess Energy Profits

Czechs Offers 60% Tax On Excess Energy Profits

In an aggressive move even as far as windfall profit taxes go, The Czech Finance Ministry proposed on Thursday a whopping 60% tax on excess profits in its energy sector, media reported. Finance minister Zbynek Stanjura said at a Thursday news conference that the proposed tax would be on excess profits from the energy sector … Read more

The Idea Of A Windfall Tax On Oil And Gas Is Gaining Popularity

The Idea Of A Windfall Tax On Oil And Gas Is Gaining Popularity

As the European Union introduces an extensive windfall tax, the region is putting pressure on other parts of the world to do the same. The UK may have already taxed oil and gas companies to subsidize rising consumer energy bills, but the EU is going one step further by planning a total overhaul of the … Read more

EU Gears Up to Tax Fossil Fuel Companies Amid Energy Crisis

EU Gears Up to Tax Fossil Fuel Companies Amid Energy Crisis

The European Union is preparing to propose a plan that would force fossil fuel companies taking in windfall profits from surging oil and gas prices to submit financial contributions to offset soaring household energy bills, a draft document circulating around Brussels indicates. The European Commission is expected to release the details of the draft proposal … Read more

India Mulls Easing Its Windfall Tax As Oil Prices Fall

India Mulls Easing Its Windfall Tax As Oil Prices Fall

With oil prices falling on recession fears, India is taking another look at its windfall tax on oil companies, anonymous Bloomberg sources close to the matter said on Thursday. The windfall tax, which India implemented on July 1, hit the country’s oil producers and refiners who were exporting an increased amount of product due to … Read more

Russia To Hit Gazprom With $20 Billion Windfall Tax

Russia To Hit Gazprom With  Billion Windfall Tax

Russia’s lower house of parliament approved on Tuesday amendments in the country’s tax code that would slap a windfall tax on Gazprom of the equivalent of $20 billion between September and November, which will boost Russia’s tax revenue income. The amendment still needs to be approved by the upper house of the Russian Parliament and … Read more

Exxon Hits Back At Biden After Investment Accusations

Exxon Hits Back At Biden After Investment Accusations

Exxon has been investing more than it has been earning in the past five years, with the level of investments in new oil and gas supply double the level of profits, the supermajor said in an official response to accusations made by President Biden earlier this week. “We have been in regular contact with the … Read more

Biden Tells Exxon To Start Paying Its Taxes

Biden Tells Exxon To Start Paying Its Taxes

With the US Administration growing more desperate by the week as gasoline prices breach $5 per gallon in the United States, President Biden is now taking aim at individual oil and gas companies—namely, ExxonMobil. A Biden statement attempting to address May inflation data contained harsh words—both for the oil industry as a whole and Exxon … Read more

US Economic Officials Says Biden Considering Oil & Tax Windfall Tax

US Economic Officials Says Biden Considering Oil & Tax Windfall Tax

A White House economic advisor told a panel on Thursday that the Biden administration is now considering the US congressional proposal that would place a windfall tax on oil and gas as prices at the pumps continue to soar, Reuters reports. “We are very much open to any proposal that would provide relief to consumers … Read more