big oil

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    California Passes Law to Fine Oil Companies Over Price Gouging

    California Passes Law to Fine Oil Companies Over Price Gouging

    In a swift manner of action, California has passed a law that prohibits companies from price gouging at the gas pump, meaning companies will face civil penalties for hiking up fuel costs. The new bill also establishes an independent watchdog division within the California Energy Commission (CEC) and gives CEC authority to impose penalties as […]

    Biden’s State of the Union Criticizes Big Oil Profiteering, Says Oil Will Be Needed for ‘at Least Another Decade’

    Biden’s State of the Union Criticizes Big Oil Profiteering, Says Oil Will Be Needed for ‘at Least Another Decade’

    President Biden touted the passage of the Inflation Reduction Act and criticized Big Oil profiteering while saying oil would be needed “for at least another decade” in his State of the Union address Tuesday night. Connecting the devastation wrought by across the country by “record floods, droughts, storms and wildfires” to climate change, Biden touted […]

    <strong>BP Scales Back Climate Targets as Profits More Than Double</strong>

    BP Scales Back Climate Targets as Profits More Than Double

    Oil and gas giant BP has scaled back plans to reduce its production of fossil fuels by 2030 after it saw record annual profits that more than doubled to $27.7 billion last year. Gas prices soared following Russia’s invasion of Ukraine, bolstering the company’s earnings. BP now plans to increase its oil and gas production […]

    Biden Threatens Windfall Tax for Fossil Fuel ‘War Profiteers’

    Biden Threatens Windfall Tax for Fossil Fuel ‘War Profiteers’

    President Joe Biden threatened major oil companies with a windfall tax after they announced massive profits following a surge in energy prices prompted by Russia’s invasion of Ukraine.  ExxonMobil, for example, announced October 28 that it had earned $19.7 billion in profits during the third quarter of 2022. That’s more than the fossil fuel company […]

    World’s Biggest Asset Manager BlackRock Tells UK It Won’t Stop Investing in Fossil Fuels

    World’s Biggest Asset Manager BlackRock Tells UK It Won’t Stop Investing in Fossil Fuels

    American multinational investment company BlackRock has told the Environmental Audit Select Committee of the UK Parliament’s House of Commons that it won’t stop investing in gas, oil and coal, reported Reuters. Stopping investments in fossil fuels and transitioning to low-carbon and renewable energy sources is necessary to reduce the greenhouse gas emissions that are the […]