As Oil Profits Skyrocket, Calls for Windfall Taxes Rise

Claw back some of Big Oil's unmerited Iran-War-related oil profits with windfall tax

Thirty million dollars per hour. That’s how much an analysis for Britain’s Guardian newspaper found the “extra” profits were for the world’s biggest oil companies in the first month of the Iran war from profiteering on the soaring price of petroleum. President Donald Trump’s idiotic war against Iran is illegal, has made America and the world less safe, and has been mismanaged from the start by “Secretary of War” Pete Hegseth and the Trump regime…

As oil profits skyrocket, calls for windfall taxes rise

by Tibor Besedeš, Georgia Institute of Technology, [This article first appeared in The Conversation, republished with permission] 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 befor…