WASHINGTON, DC – Today, Accountable.us released a new analysis revealing that 24 of the nation’s largest oil companies made over $125 billion in profits this quarter, bringing in over $343 billion this year as they continue to keep prices high for consumers. This marks a 126% increase in profit margins compared to the first nine months of 2021. At the same time, American consumers have been overburdened with historically high gas prices at the pump.
The analysis revealed that the nation’s largest oil companies spent over $107 billion this year, further enriching their wealthy shareholders rather than providing badly needed relief to consumers. Big Oil’s massive third-quarter profits come on the heels of President Biden’s recent call to Congress asking them to consider passing a windfall profits tax on the largest oil and gas companies if they fail to lower prices.
Big Oil is waging war on American consumers, ruthlessly squeezing every last dime out of working and middle-class families. It’s no shock that the industry’s year-long price gouging scheme results in absurd profits. We can’t allow Big Oil’s greed to remain unchallenged as the industry actively exploits consumers and hands billions of dollars to its already wealthy shareholders. Big Oil must be held accountable.”
Jordan Schreiber, Director of Energy and Environment at Accountable.US
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