Back to today’s briefing

Story perspectives

Oil Giants Earn $281B Amid Energy Crisis; Call for Tax

3/20/2026

43 6 Full Breakdown

Summary

Story summary

The 2022 oil and gas crisis saw United States oil companies earn $281 billion, surpassing investments in low-carbon energy.
In the United States, half of fossil fuel profits went to the top 1%, with the bottom half receiving 1%.
Lower-income households faced higher energy costs, while the wealthiest 0.1% saw profits offset inflation.
Analysts propose a permanent excess-profit tax on oil and gas to protect households and finance the transition.

1 of 1

Story summary

The 2022 oil and gas crisis saw United States oil companies earn $281 billion, surpassing investments in low-carbon energy.
In the United States, half of fossil fuel profits went to the top 1%, with the bottom half receiving 1%.
Lower-income households faced higher energy costs, while the wealthiest 0.1% saw profits offset inflation.
Analysts propose a permanent excess-profit tax on oil and gas to protect households and finance the transition.