Biggest Oil Giants Made 'Eye-Popping' $205 Billion in Profits in 2021: Report
While millions of working people have been hurt by surging gas prices, a new analysis out Tuesday shows that 25 of the world's biggest fossil fuel corporations collectively pulled in an "eye-popping" $205 billion in profits last year—and Big Oil is exploiting Russia's war on Ukraine to charge even more at the pump in 2022 and advance its financial interests.
According to a new report from government watchdog Accountable.US, top oil and gas companies took "full advantage" of last year's sky-high prices and record profits. Fourteen firms rewarded shareholders with more than $35 billion in stock buybacks and dividend bumps.
As the report details, Big Oil has been bragging to investors about its windfall profits on recent earnings calls. Chevron, for instance, called 2021 one of its "most successful years ever." Shell CEO Ben Van Beurden described it as a "momentous year." Meanwhile, Coterra CEO Tom Jordan characterized high gas prices as "good," and Equinor CEO Anders Opedal marveled at how the industry has been "capturing value from high prices."
Last year's record profits came as average gas prices in the U.S. steadily increased—hitting around $3.40 per gallon in December 2021, up from $2.10 a year before. As consumer demand rose last year following a brief coronavirus-driven decline in 2020, shareholders pressured fossil fuel corporations to restrict supply to drive prices higher.
https://www.commondreams.org/news/2022/03/15/biggest-oil-giants-made-eye-popping-205-billion-profits-2021-report