New Report Details War Profiteering By US Oil Giants
A new report released Tuesday by three watchdog groups highlights how Big Oil has cashed in on crises in the past year, while enriching shareholders.
The industry has used the COVID-19 pandemic, Russia’s war on Ukraine, and the global climate emergency to benefit investors.
The report from BailoutWatch, Friends of the Earth, and Public Citizen outlines two main tactics of fossil fuel giants.
They repurchase shares of their own stock and retire them, reducing the number of outstanding shares and driving up share value, the report says.
They also increase dividends, quarterly payments investors receive for owning shares.
Oil and gas dividends have spiked in recent months outstripping other industry groups, the report says.
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