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Today, three of the nation’s largest oil companies, Marathon Petroleum, BP America and Phillips 66, reported their latest quarterly profits, together bringing in a jaw-dropping $14 billion this quarter, totaling over $30 billion in profit this year as they continue to price gouge consumers. This marks a 104% increase in profit margins compared to the first nine months of 2021. At the same time, consumers have been overburdened with historically high gas prices at the pump.

As three of the largest oil companies in the country take in historic profit margins they attempt to deflect from their blatant price gouging scheme, offering bad-faith justifications and blaming external factors for their actions. However, their quarterly earnings reports revealed that the three companies already gave over $17 billion this year to their wealthy shareholders instead of easing the pain on working and middle-class families. 

“

BP, Marathon, and Phillips 66 have been waging war on American consumers this year, ruthlessly squeezing every last dime out of working and middle-class people. It’s not a shock that their blatant price gouging scheme results in obscene profits. Big Oil’s bad-faith rhetoric and sheer greed is exposed when instead of easing the pain of consumers, they opted to spend over $17 billion to enrich their wealthy shareholders.”

Jordan Schreiber, Director of Energy and Environment at Accountable.US
Company Q3 2022 Profits Nine Mos 2022 Profits Nine Mos Profits % Change Shareholder Returns
Marathon Petroleum $5,020,000,000 $11,738,000,000 18.61% $4,971,000000
BP America $3,954,000,000 $9,553,000,000 98% $10,026,000,000
Phillips 66 $5,391,000,000 $9,173,000,000 4013% $2,097,000,000
Totals $14,365,000,000 $30,464,000,000 104% $17,094,000,000

 

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