WASHINGTON, DC – Today, two of the nation’s largest oil companies, Exxon and Chevron, reported their latest quarterly profits, together bringing in an eye-popping $31 billion this quarter, racking up nearly $73 billion in profit this year as they continue to price gouge consumers. This marks an 190% increase in profit margins compared to the first nine months of 2021. As big oil continues posting massive profit margins, American consumers remain under the financial strain of historically high gas prices.
Despite months of high gas prices and bad faith scapegoating of external factors, both Exxon and Chevron’s quarterly earnings reports revealed that both companies already gave over $32 Billion this year to their wealthy shareholders instead of easing the pain on American families.
It’s no surprise that after months of extreme price gouging, Chevron and Exxon raked in a whopping $73 billion in profits so far this year. But, instead of providing badly needed relief to consumers, they spent over $32 billion to enrich their wealthy shareholders while forcing American families to foot the bill. Make no mistake, Big Oil has launched an all-out war on American consumers this year, needlessly extracting every last dime out of working and middle-class people."