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.