As oil profits skyrocket, calls for windfall taxes rise

Oil companies are making massive profits and stockpiling cash, and holding off on changing their investment plans.

Oil companies are making big bucks these days. Hengki Lestio/iStock / Getty Images Plus 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