Price Gouging at the Pump Results in 235% Profit Jump for Big Oil: Analysis
As fossil fuel giants this week reported record profits for the second quarter, an analysis out Friday highlighted how eight oil companies have raked in nearly $52 billion over the past three months “while Americans continue to struggle at the pump.”
The review by the watchdog group Accountable.US revealed that from April through June, Chevron, Equinor, ExxonMobil, Hess Corp, Phillips 66, Shell, and TechnipFMC “saw their profits skyrocket from the same time period last year, with income shooting up 235%.”
The analysis also pointed out that leaders at Equinor, Halliburton, Hess Corp, and TechnipFMC have boasted “about excellent quarters while dismissing high prices for consumers.”
Jordan Schreiber of Accountable.US called the companies’ collective profit boost “eye-popping” but also unsurprising “after spending the past three months price gouging consumers by raising gas prices to unprecedentedly high levels.”
The Q2 profits of U.S. energy giants Chevron and Exxon—$11.62 billion and $17.85 billion, respectively—along with that of Europe’s largest oil company, Shell—$11.47 billion—drew widespread criticism along with calls for action by lawmakers and President Joe Biden.
“Big Oil companies are making a killing and pouring fuel on the climate fire while communities pay for more and deadlier climate disasters. It’s outrageous,” said Richard Wiles, president of the Center for Climate Integrity.
“Exxon and other oil and gas corporations lobbied and lied for decades to keep the world addicted to fossil fuels, making billions while hardworking families pay for higher gas prices and costlier heatwaves, wildfires, droughts, and floods,” he continued. “Now Exxon is once again using its record profits to line the pockets of executives and shareholders.”
Sen. Bernie Sanders stated, tweeting that “it’s time for a windfall profits tax.”
While some of his colleagues have introduced legislation focused on Big Oil, Sanders has put forth a broader tax proposal that would target price gouging by a range of companies.
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