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Deer graze inside the gates of the Exxon Mobil Joliet refinery on the Des Plaines River. Exxon Mobil’s 2022 haul of $56 billion marked a historic high for the Western oil industry.

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The West’s five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes.

French oil giant TotalEnergies on Wednesday reported full-year profit of $36.2 billion, doubling last year’s total, as fossil fuel prices soared following Russia’s full-scale invasion of Ukraine.

The results see TotalEnergies join supermajors Exxon Mobil, Chevron, BP and Shell in recording a massive upswing in annual profits, after Exxon’s 2022 haul of $56 billion marked a historic high for the Western oil industry.

Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries.

Flush with cash, the energy giants have used their bumper earnings to reward shareholders with higher dividends and share buybacks.

“You may have noticed that Big Oil just reported record profits,” U.S. President Joe Biden said in his State of the Union address on Tuesday. “Last year, they made $200 billion in the midst of a global energy crisis. It’s outrageous.”

Biden said U.S. oil majors invested “too little of that profit” to ramp up domestic production to help keep gas prices down. “Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders.”

Biden proposed quadrupling the tax on corporate stock buybacks to incentivize long-term investments, insisting the supermajors would still make a “considerable” profit.

Activists from Greenpeace set up a mock-petrol station price board displaying the Shell’s net profit for 2022 as they demonstrate outside the company’s headquarters in London on Feb. 2, 2023.

Daniel Leal | Afp | Getty Images

Agnès Callamard, secretary general of human rights group Amnesty International, described Big Oil’s vast profits as “patently unjustifiable” and “an unmitigated disaster.”

“The billions of dollars of profits being made by these oil corporations must be adequately taxed so that governments can address effectively the rising cost of living for most vulnerable populations and better protect human rights in the face of multiple global crises,” Callamard said in a statement.

Big Oil executives have sought to defend their rising profits amid a barrage of criticism from campaigners, typically highlighting the importance of energy security in the transition to renewables and suggesting higher taxes could deter investment.

“Ultimately, taxes are a matter for governments to decide on. We, of course, engage and provide perspectives and the key perspective that we try to provide is a context around the fact that companies like ourselves that need to invest multiple billion dollars to support the energy transition require a secure and stable investment climate,” Shell CEO Wael Sawan said Thursday.

His comments came shortly after Shell reported its highest-ever annual profit of nearly $40 billion, comfortably surpassing its previous record of $28.4 billion in 2008.

“For example, windfall taxes or price caps simply erode confidence in that investment stability and so I do worry about some of the moves being made,” Sawan said. “I think there is a different approach that needs to be had which is to really draw investment capital at a time when we need to be able to embed energy security into the broader energy system here in Europe.”

Windfall tax on oil firms 'not helpful' and could hinder investment in decarbonization: Aramco CEO

The CEO of Saudi Aramco, the world’s largest energy company, has previously warned about the dangers of pressuring oil companies through higher taxes.

Asked by CNBC’s Hadley Gamble last month if a windfall tax on oil profits was a bad idea, Saudi Aramco’s Amin Nasser replied, “I would say, it’s not helpful for them [in order] to have additional investment. They need to invest in the sector, they need to grow the business, in alternatives and in conventional energy, and they need to be helped.”

Nasser said the transition to renewable technologies required significant investment, and this is likely to take a hit if companies face increased taxation.

Nonetheless, the advocacy group Global Witness says people have every right to be outraged by the extraordinary profits of Big Oil and called for an increased windfall tax.

“Given that we’re entering a global recession and that most of us know people who are struggling, we must all call out profiteering like this,” Alice Harrison, fossil fuels campaign leader at Global Witness, told CNBC via email.

“An increased windfall tax to help those struggling to pay their bills, along with a significant boost in renewable energy and home insulation, would end the fossil fuel era that is harming both people and the planet so severely,” Harrison said.

‘People can see the injustice’

“People can see the injustice of paying eye-watering energy costs while big oil and gas firms rake in billions,” said Sana Yusuf, climate campaigner at Friends of the Earth.

“Fairly taxing their excess profits could help to fund a nationwide programme of insulation and a renewable energy drive, which would lower bills, keep homes warmer and reduce harmful carbon emissions,” Yusuf said.

BP CEO Bernard Looney on Tuesday sought to defend the company from criticism after reporting record 2022 profits of $27.7 billion, saying the British energy major was “leaning in” to its strategy to provide the world with the energy it needs.BP, which was one of the first energy giants to announce an ambition to cut emissions to net zero by 2050, had pledged emissions would be 35% to 40% lower by the end of the decade.

It said Tuesday, however, that it was now targeting a 20% to 30% cut, saying it needed to keep investing in oil and gas to meet demand.

“We’re leaning into our strategy today,” BP’s Looney said. “We’re announcing up to $8 billion more investment into the energy transition this decade and up to $8 billion more into oil and gas in support of energy security and energy affordability this decade.”

Activist investor group Follow This was sharply critical of the move.

“If the bulk of your investments remain tied to fossil fuels, and you even plan to increase those investments, you cannot maintain to be Paris-aligned, because you will not achieve large-scale emissions reductions by 2030,” said Mark van Baal, founder of Follow This.

— CNBC’s Natasha Turak contributed to this report.

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Labor Day Sales from Anker SOLIX, Jackery, and Rad Power Bikes, score massive $683 savings on Luckeep X1 Lite e-bike at $466, more

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August 22, 2025

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Labor Day Sales from Anker SOLIX, Jackery, and Rad Power Bikes, score massive 3 savings on Luckeep X1 Lite e-bike at 6, more

Closing out this week’s Green Deals is several holiday sales from some of our favorite brands, lead by Anker’s SOLIX Labor Day Sale that is taking up to 61% off power stations and solar bundles starting from $120. We also have further Labor Day Sales from Jackery (up to 50% off with bonus 5% and 7% savings) and Rad Power Bikes, a massive $683 price drop on Luckeep’s X1 Lite Folding All-Terrain e-bike at $466, and much more waiting for you below. Plus, all the hangover savings are at the bottom of the page, like yesterday’s Lectric Labor Day Sale with the $500 price cut on the ONE e-bike to a new low, Anker’s eufy SoloCam S220 deals, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Review: The ST3 Pro e-scooter brings serious suspension alongside smart controls and more as Navee’s latest flagship

As a long-time rider of Segway electric scooters, my expectations are quite high for new brands looking to climb their way up to the standard that the household-name has set in stone at this point. Only within the last few months did Navee come onto my radar, with the brand offering me the chance to test out its latest flagship model, the ST3 Pro Electric Scooter, which has been quite the surprise, to say the least. At first, it seemed like it was full of gimmicks that were destined to fail, but after riding around for several weeks now, I can happily say that Segway may just have found a new challenger. Head below to get my hands-on impressions of this high-end e-scooter that still retains accessible pricing for the stunning list of features.

To get our full hands-on impression of this new flagship e-scooter, be sure to check out our review here.

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Anker SOLIX power stations

Save up to 61% on Anker SOLIX power stations and solar bundles during its Labor Day Sale – deals start from $120

Anker has launched its Labor Day Sale running through August 30 and taking up to 61% off the brand’s lineup of power stations, solar bundles, accessories, and more. Coinciding with the new pre-launch promotion on the upcoming C1000 Gen 2 station, we spotted Anker dropping its first-gen C1000 Portable Power Station bundled with a 200W solar panel and protective waterproof bag back to $729 shipped for the second time. This bundle normally fetches $1,598 in full, which we saw discounts take as low as $799 until last month’s Prime Day Sale when it hit this low price for the first time. At Amazon, you’ll only find the station and solar panel pairing for $700 shipped, so you’re getting the waterproof bag (valued at $100) for $30 more. This is a 54% markdown that cuts $869 off the tag for a second chance at the best price we have tracked. Head below to browse this sale’s full lineup.

The Anker SOLIX C1000 power station is one of the brand’s best compact backup power companions for camping trips, right alongside the smaller C800 Plus, C300 series, and C200. While not as big as its home backup models, it still brings a solid 1,056Wh LiFePO4 battery (expandable up to 2,112Wh) along for your off-grid adventures with 11 output ports that provide up to 1,800W of steady power that can surge as high as 2,400W. It can refill its own battery to 80% in 43 minutes through a standard AC outlet, with it taking 58 minutes to reach full. There’s also the 600W max solar input that can recharge it in 1.8 hours, so with the included 200W panel, you’re looking at things taking a little longer, around five or so hours. And your solar setup gets the added protection of the waterproof bag that fits the station and keeps it safer from the elements.

Anker’s other SOLIX C1000 Labor Day Sale deals:

Anker’s SOLIX C800 Labor Day Sale deals:

Anker’s SOLIX C300/C200 Labor Day Sale deals:

Anker’s SOLIX F2000 Labor Day Sale deals:

To check out Anker’s full SOLIX Labor Day Sale lineup, including the larger power stations and solar generator bundles, be sure to check out our original coverage of this sale here.

woman riding Rad Power RadRover 6 Plus e-bike through farm

Rad Power’s Labor Day Sale takes up to $600 off three legacy e-bikes starting from $999 + 25% accessory discounts

Rad Power has launched its Labor Day Sale promotions through September 3 with up to $600 taken off a selection of e-bikes alongside up to 25% discounts on accessories (applied in cart). Alongside the ongoing $999 low on the RadExpand 5 Folding e-bike that now sports a “last chance” mention, Rad has added one of my favorite models to the deals lineup, the RadRover 6 Plus Step-Thru Fat-Tire e-bike at $1,299 shipped. We last saw this model come off its $1,599 price tag back in June for the brand’s Father’s Day sale with a $200 discount, with today’s deal being the first we’ve seen its $1,299 pricing show up in 2025, which has mostly kept costs at $1,399 or higher, except the brief fall to the $1,199 low at the top of the year. Aside from that low price in January, you’re otherwise looking at the best deal of this year, saving you $300 off the going rate. Head below for more on this and the other models seeing discounts.

If you want to learn more about this model or the other models seeing discounts, be sure to check out our original coverage of this sale here.

Man standing next to Luckeep X1 Lite folding e-bike atop mountain

Affordable get up to 60 miles of commuting support on Luckeep’s X1 Lite folding all-terrain e-bike at a $466

AliExpress is offering a great deal for commuters shopping for e-bikes on a budget, with the Luckeep X1 Lite Folding Electric Bike currently available for $465.77 shipped, after using the code USAFF100 at checkout for an additional $100 off, which beats out Amazon by $84 and the brand’s direct website pricing by $283. This model normally fetches $1,149 at full price from the brand, and is now seeing a giant $683 price drop for one of the lowest prices we have ever tracked and delivering a much more affordable means to commute to your daily appointments.

If you want to learn more about this budget-friendly model, be sure to check out our original coverage of this massive discount here.

Jackery power stations sit atop box with flag in background for Labor Day sale

Jackery’s Labor Day Sale offers up to 50% off on power stations and more with bonus 5% and 7% savings starting from $89

Jackery has launched its Labor Day Sale through August 28 with up to 50% discounts on its lineup of power stations, as well as bonus 5% and 7% savings on orders over $1,300. Among the offers this holiday season, we spotted Jackery’s legacy Explorer 1000 Plus Portable Power Station bundled with an expansion battery and two 100W solar panels for $1,519.05 shipped, after using the code EMAIL5 at checkout for an extra 5% off your cart’s total. This bundle would normally cost you $2,099 in full, with discounts having usually being on the station and solar panels for $1,299. The addition of the extra battery would cost you $459 right now, meaning you’d normally be spending $1,758 for this same setup. You’re looking at a combined 28% markdown here that cuts $580 off the tag for the best price we can find. Head below to get the full lineup of deals we’re seeing during this sale.

If you want to learn more about this solar bundle, or browse the full extent of Jackery’s Labor Day lineup, be sure to check out our original coverage of this sale here.

woman cutting branch with greenworks 60V 16-inch cordless chainsaw

Clear storm debris with Greenworks’ 60V 16-inch cordless chainsaw kit at $190 annual low

Amazon is offering the Greenworks 60V 16-inch Cordless Chainsaw with a 2.5Ah battery at $189.99 shipped, which beats out the brand’s direct website pricing by $50. While it normally carries a $300 MSRP, we’ve been seeing it recently keep down at $240 at Amazon, with discounts having only gone as low as $200 this year. You’re looking at the best price of the year so far on this model, which has shed $50 off the going rate ($110 off the MSRP) and lands as the second-lowest overall price we have tracked – $40 above the low we last saw during Christmas sales.

If you want to learn more about this chainsaw’s capabilities, be sure to check out our original coverage of this deal here.

woman handing man drink from goal zero alta 50 portable electric cooler

Save 30% on Goal Zero’s Alta 50 single-zone and Alta 80 dual-zone electric coolers starting from $560

By way of its official Amazon storefront, Goal Zero is offering its Alta 50 Portable Electric Fridge and Freezer for $559.89 shipped, with its larger Alta 80 variant also seeing an equally significant discount (more on that below the fold). This smaller unit normally goes for $800 at full price, which we’ve mostly seen discounts this year drop between $640 and $560, though there was one fall to $559, not to mention the falls to $550 and the $522 low back in 2024. You’re looking at the second-best price of 2025, though, with the 30% markdown here cutting $240 off the going rate, landing it at the fourth-lowest price overall that sits $38 above the one-time all-time low from Black Friday.

If you want to learn more about this cooler or its larger variant, be sure to check out our original coverage of this deal here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Fort Polk goes green: 97 acres of solar to power US Army housing

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August 22, 2025

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Fort Polk goes green: 97 acres of solar to power US Army housing

Fort Polk solar
Photo: Onyx Renewables LLC

Fort Polk, a US Army installation in Louisiana, is about to get a big solar power boost. Clean energy developer Onyx Renewables has wrapped up construction on two 13 megawatt ground-mount solar projects. The solar arrays are scheduled to come online this fall.

Despite Republican opposition to solar, the Army recognizes its benefits. Developed in partnership with sustainable infrastructure company Corvias, the project at Fort Polk (formerly Fort Johnson) is part of a push to help the Army cut energy costs and improve resiliency. The solar systems are designed to deliver stable electricity prices for the base under a 25-year power purchase agreement – and in their first year, they’re projected to meet 40% of the electricity needs for on-base housing.

Fort Polk’s solar arrays sit on 97 acres and will be financed, owned, and operated long-term by Onyx. Battery storage and microgrid tech will also be added later to help strengthen the base’s energy independence.

“By increasing onsite energy capacity with distributed resources, we are not only bolstering crucial resilience across the base but also generating savings that will benefit the military community stationed there,” said Kevin Cox, SVP of Origination at Onyx.

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Onyx and Corvias have worked with the Army before, such as on projects at Fort Riley. Corvias CEO Chris Wilson said the company’s work across military housing reflects how critical energy resilience is to national security. “By enhancing the energy infrastructure of military installations, we are helping to meet tomorrow’s defense needs.”

Read more: 5 US military bases in the Carolinas just signed up for solar power

The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Hyundai and Kia join forces with Korean EV battery giants to take on China

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August 22, 2025

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Hyundai and Kia join forces with Korean EV battery giants to take on China

Hyundai-Kia-EV-battery

South Korea’s top automakers and battery companies are teaming up for the first time to take on China and advance new technology. Hyundai and Kia announced a new alliance with three EV battery giants to help Korea gain an edge.

Hyundai and Kia form new EV battery alliance in Korea

The global EV market is a “national competition,” warned Kim Dong-myung, CEO of LG Energy Solution, on Friday.

Kim is also the chairman of the Korean Battery Industry Alliance, which aims to solidify the country’s leadership in electric vehicle battery technology.

According to Kim, “The government and companies must become one team,” he added that “LG Energy Solution will also run until the end to ensure Korea’s future competitiveness.”

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LG Energy Solutions is one of the three major Korean battery companies, along with Samsung SDI and SK On, which have joined forces with Hyundai and Kia to remain competitive. It’s the first time the country’s top carmakers and battery companies have joined forces.

After proposing a “Battery Safety Task Force” last year, Hyundai and Kia made it official on Friday, signing a new business agreement to “further enhance cooperation in the future.”

Hyundai-Kia-EV-battery
Hyundai, Kia, LG Energy Solution, Samsung SDI, and SK On join forces to advance EV battery tech (Source: Hyundai)

The companies announced the collaboration at Hyundai Motor’s Namyang R&D Center in South Korea, with several government officials and company officials in attendance.

At the event, Hyundai, Kia, and the battery companies revealed several projects where “each company will leverage its own specialized technologies.” The partnership will focus on five areas, including new safety patents, digital battery passports, design quality, manufacturing quality, and firefighting technology.

Hyundai-Kia-EV-battery
Kia EV4 testing in Europe (Source: Kia)

Developing safer battery tech, Hyundai said, the new partnership will “further contribute to strengthening national competitiveness.”

The partnership comes after Hyundai and Kia launched a joint project in September to develop lower-cost lithium-iron-phosphate (LFP) batteries, aiming to challenge BYD’s Blade batteries and other Chinese leaders.

Electrek’s Take

According to SNE Research, China is widening its lead in the global electric vehicle battery market. In the first half of the year, CATL and BYD alone accounted for over 55% of global EV battery sales, up from 53% compared to the same period in 2024.

Meanwhile, the combined market share of LG Energy, SK On, and Samsung SDI decreased to 16.4%, a 5.4% decline from the same period last year.

With Hyundai and Kia preparing to launch a series of lower-cost, mass-market EVs, the new alliance could be beneficial for everyone involved.

China is still leading the global EV race by a wide margin, but South Korea has ambitious plans for the future. Can they close the gap? Hyundai and Kia are quickly becoming top-selling EV brands in a number of global markets, but so are China’s BYD, Geely, XPeng, NIO, Li Auto, and others.

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