How Much Money Did Big Oil Lose When The Whole Country Was Shut Down Because Of Covid?.....

[global1]

As I recall - no one was traveling. Roads were empty. And Big Oil's sales and profits were suffering and were down.

Now as the country is trying to bounce back from Covid - in my opinion - Big Oil is trying to recoup its losses from that period and is doing this on the backs of the American People.

I believe that they are using all kinds of excuses to inflate the price of gas and take advantage of a situation that they themselves are creating.

[Hoyt]

1. Actually, big oil set record losses in 2020.

Big Oil incurred record loss in 2020
Feb. 18, 2021
The downturn brought by the COVID-19 pandemic and the accelerating energy transition has created a new reality for the world’s oil and gas industry, whose production will peak lower and earlier than expected, according to Rystad Energy.

https://www.ogj.com/general-interest/economics-markets/article/14197855/big-oil-incurred-record-loss-in-2020

Exxon Mobil lost $22 billion in 2020, its worst performance in four decades.

https://www.nytimes.com/2021/10/29/business/exxon-mobil-lost-22-billion-in-2020-its-worst-performance-in-four-decades.html

Oil majors suffer massive losses in 2020

Read more at:
https://economictimes.indiatimes.com/news/international/business/oil-majors-suffer-massive-losses-in-2020/articleshow/80793362.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Don't remember anyone caring.

[FakeNoose]

2. If they don't sell their oil one year, they just hold it and sell it the next year

It's not like the farmers who have to sell their crops, or they're ruined.

Oil stays in the ground until it gets pumped out and run through the refinery. Maybe the profits were down in 2020, but they made it up in 2021. I don't need to remind you how much profit they are rolling in now. It's hard to have any sympathy for those MF's.

[RANDYWILDMAN]

3. You are correct and they know it but don't care

the US has it's own oligarchs and the oil barron's are a part of the club