Years of fracking for oil and gas in the Permian Basin have put Texas on the verge of on pace to overtake California and Alaska as the most earthquake-ridden state, while Exxon and Chevron post huge profits from skyrocketing consumer prices due to the pandemic and the Russian invasion of Ukraine. Exxon reported $5.5 billion in Q1 profits, even after writing down $3.4 billion in its divestment from Russia, and Chevron reported netting $6.3 billion, quadrupling its Q1 2021 profits.

Progressives on Capitol Hill have called for taxes on the windfall profits enjoyed by oil companies, who are using the high prices to significantly increase dividends and buybacks instead of increasing production or otherwise lowering prices for consumers. (Fracking earthquakes: Bloomberg $; Profits: New York Times $, Reuters, The Hill, Fox Business; Exxon: Houston Chronicle, CNBC, Wall Street Journal $, CNN; Chevron: CNBC; Shareholders: Wall Street Journal $: Skyrocketing prices: (Washington Post $, Gizmodo; Windfall taxes: The Hill; Commentary: FT $)