Big Oil Companies Net $75 Billion in Profit While Americans Struggle to Heat Homes, Fill Gas Tanks
WASHINGTON, DC – Today, government watchdog Accountable.US released analysis showing that oil and gas company giants Shell, Chevron, BP, and Exxon posted record profits last year totaling $75 billion while American consumers struggled to pay their heating bills and fill up their gas tanks. The monumental financial haul flies in the face of industry’s “sky is falling” attacks on the Biden administration’s environmental and climate initiatives.
“Americans wondering why they’re paying more to heat their homes or put gas in the car need look no further than the record setting profits of oil and gas companies,” said Kyle Herrig, President at Accountable.US. “Oil and gas companies will blame just about anyone to avoid taking responsibility for the high prices they pass along to consumers. Their number one priority is doing whatever it takes to continue lining the pockets of wealthy industry executives.”
As one oil company CEO put it, high oil prices “certainly helped” to give their industry some of the highest profits companies have seen in nearly a decade.
Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders – including their wealthy executives whose salaries are heavily padded with stocks.
In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an “even better” 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices. Meanwhile, average Americans are being forced to downsize their homes, miss seeing family and friends, and consolidate medical visits in order to cover high gas costs.