Oil and gas CEOs have been cashing in on these gains, Food and Water Watch found. ConocoPhillips CEO Ryan Lance cashed out $23 million of stocks in February, while Chevron CEO Michael Wirth sold $14 million later that month.
Meanwhile, top companies have announced stock buyback programs totalling over $25 billion in the past year — enough money to heat over 33 million people’s homes over the winter,to tax profits made by Big Oil as it exploits the crisis. Earlier this month, Rep. Peter DeFazio introduced a bill that would levy a tax on 2022 income that exceeds pre-pandemic profits; the legislation would then redistribute the revenue gained from that tax back to consumers.
in the energy industry in response to the invasion of Ukraine. As Russia first launched its attacks, Fusco told investors that the company is going to be “opportunistic” in pursuing increases to drilling. “This campaign to promote [liquid natural gas] in response to Ukraine is a cynical calculation by the dominant players in the industry,” the report reads. “They intend it to lock in long-term contracts that would create decades of additional fossil fuel dependence.”
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