While gas prices continue to skyrocket, oil companies are pulling in massive profits. ExxonMobil has doubled their profits by 53% — despite facing financial charges for exiting Russia — amassing $90.5 billion in revenue in the past year alone. Instead of reinvesting those funds in increased production, cleaner technologies, or finding ways to lower gas prices for American families, ExxonMobil has announced they will buy back $10 billion worth of company shares, to the delight of the ultra elite.
It's worth noting that, prior to 1982, corporations buying back shares were subject to stock manipulation charges. Companies today would rather line their pockets and manipulate their stock value than invest in real solutions for our communities. It's greed in every sense of the word.
Add your name to tell Congress to pass a stock buyback tax on greedy oil companies!
If oil giants like ExxonMobil want to use international crises to manipulate their company value and profit, it should absolutely not come scot-free. The American people are already being milked for all they're worth by wealthy corporations, with inflation on essential goods nearing a 40-year high.
There is no reason gas prices should be through-the-roof when companies are tripling their revenue and have the money to buy back $10 billion of their own stock. It's simply ridiculous.
Sign your name to demand a stock buyback tax for oil corporations!