December, 06 2021, 10:44am EDT
Big Oil Profits Soar To $174 Billion As Americans Bear Higher Gas Prices
New reporting in The Guardian today reveals that 24 of the top oil and gas corporations made nearly $174 billion in profits this year.
WASHINGTON
New reporting in The Guardian today reveals that 24 of the top oil and gas corporations made nearly $174 billion in profits this year. As Big Oil rakes in billions and showers its CEOs and shareholders with more money, working families have been bearing the brunt of higher gas prices. In quarter three of 2021 alone, 24 of these same top oil and gas corporations made over $74 billion.
"Americans looking for someone to blame for the pain they experience at the pump need look no further than the wealthy oil and gas company executives who choose to line their own pockets rather than lower gas prices with the billions of dollars in profit big oil rakes in month after month," said Kyle Herrig, president of Accountable.US.
See the full analysis from Accountable.US here.
"The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report."
"The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn."
"Exxon alone posted a net income of $6.75bn in the third quarter, its highest profit since 2017, and has seen its revenue jump by 60% on the same period last year. The company credited the rising cost of oil for bolstering these profits, as did BP, which made $3.3bn in third-quarter profit. "Rising commodity prices certainly helped," Bernard Looney, chief executive of BP, told investors at the latest earnings report."
"But oil and gas companies have shown little willingness so far to ramp up production to help reduce costs and the new report, by the government watchdog group Accountable.US, accuses them of "taking advantage of bloated prices, fleecing American families along the way" amid ongoing fallout from the Covid-19 pandemic."
"The analysis of major oil companies' financials shows that 11 of the group gave payouts to shareholders worth more than $36.5bn collectively this year, while a dozen bought back $8bn-worth of stock. This apparent focus, rather than on further drilling, has caused some frustration within the federal government, with Jennifer Granholm, the US energy secretary, stating that 'the oil and gas companies are not flipping the switch as quickly as the demand requires.'"
"The oil and gas industry has fought Joe Biden's attempts to pause new drilling permits on federal land, despite its unwillingness to expand operations in order to reap the returns of costlier oil and the fact the industry currently sits on 14m acres of already leased land that isn't being used, an area about double the size of Massachusetts."
"The American Petroleum Institute, a leading industry lobby group, pointed to a blog that blamed the Biden administration for policies that "significantly weaken the incentives to invest in America's energy future" but did not answer questions on production rates of oil companies."
Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.
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Call Grows to Impeach Trump, 'The Most Dangerous Man on the Planet'
"Trump’s illegal war on Iran and the rule of law," said one pair of campaigners, "establish an intolerable pattern of egregious abuses of power, directly threatening our constitutional order, our safety, and our way of life."
Mar 02, 2026
After the unprovoked bombing of Iran over the weekend by the United States—strikes that included the unlawful assassination of Iranian Supreme Leader Ali Hosseini Khamenei—the call for US President Donald Trump to be impeached and removed from office has grown as the straightest path to hold the US leader to account for the attacks which policy and human rights experts have condemned as a serious war crime.
With a regional war in the Middle East that was already boiling from Gaza to Lebanon and from Syria to Yemen now exploding in the wake of the US-Israeli attacks on Iran, Globe and Mail columnist Debra Thompson on Sunday called Trump "the most dangerous man on the planet."
"Rather than ending wars," Thompson notes, "Trump has initiated military action eight times, carrying out attacks in seven countries (Syria, Iraq, Iran, Nigeria, Yemen, Somalia, and Venezuela) in 2025." Such a pattern of violence and warmongering should make clear that failure to restrain Trump has only emboldened him.
"The recurring danger in this latest presidential aggression is that there are no guardrails, no constraints, and no post-hoc justification," writes Thomson, "other than that Mr. Trump is the President of the United States and can do whatever he wants."
But American presidents cannot simply do whatever they want. According to a Reuters/Ipsos poll out Sunday, less than 25% support the president's aggression against Iran. In the first wave of the US military attack, an Iranian school for girls was bombed, killing over 108 civilians, mostly children.
While some congressional lawmakers are pushing for a vote this week on a War Powers Resolution to curtail US military operations against Iran, others are demanding more robust action from Congress to bring Trump's war-making to an end.
"Under Article I, Section 8 of the U.S. Constitution, only Congress has the power to declare war, as well as to raise and support armies, provide and maintain a navy, and fund and regulate the military," declared novelist and political activists Stephen King on Saturday. "Impeach the SOB."
Mike Hersh and Alan Minsky, respectively the communications director and executive director of the Progressive Democrats of America, argued in a Sunday op-ed for Common Dreams that "Trump's illegal, unconstitutional war on Iran is not only a moral and humanitarian disaster, but also a profound constitutional crisis."
According to Hersh and Minsky:
Trump’s illegal war on Iran and the rule of law establish an intolerable pattern of egregious abuses of power, directly threatening our constitutional order, our safety, and our way of life. These intertwined crises cry out for an immediate, decisive response by the Congress and the US public.
Therefore, PDA demands that all members of Congress, Democrats, Republicans, and Independents alike, uphold their oath of office to defend our constitutional republic. The Constitution offers one and only one remedy when President a repeatedly breaks the law and arrogantly refuses to abide by the limits on the power clearly laid out in the Constitution. That remedy is impeachment, followed by removal from office.
Matt Duss, executive vice president for the Center for International Policy, said that US lawmakers, as well as the American people they represent, "must also be ready to hold the president and his administration accountable for this breach of US and international law."
"The failure to hold past presidents liable for war crimes and related violations of our own laws has helped lead to this dangerous moment, with a seemingly unrestrained president endangering millions of lives with impunity," warned Duss. "The forever wars and the imperial presidency must finally come to an end.”
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"People around Trump are profiting off war and death," Murphy alleged. "I’m introducing legislation ASAP to ban this."
Rep. Mike Levin (D-Calif.) wrote that "prediction markets cannot be a vehicle for profiting off advance knowledge of military action" and demanded "answers, transparency, and oversight."
"Reminder that Donald Trump Jr. sits on Polymarket's advisory board and his firm invested double-digit millions into the platform last year," Levin wrote, referring to the president's eldest son. "The [Justice Department] and [Commodity Futures Trading Commission] both had active investigations into Polymarket that were dropped after Trump took office."
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Polymarket currently allows users to bet on when Iran will have a new supreme leader, when the US and Iran will reach a ceasefire agreement, and when the US will invade Iran.
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"What they posed as the threat they were trying to preempt—an attack by Iran against US forces—is so extremely implausible, it is also laughable," said one analyst.
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Senior Trump administration officials attempted during a briefing with reporters on Saturday to make their case for the joint US-Israeli military assault on Iran that has so far killed hundreds and plunged the Middle East into chaos.
According to experts who listened to the briefing, which was conducted on background, the justification for war was incredibly weak. Daryl Kimball, president of the Arms Control Association, told Laura Rozen of the Diplomatic newsletter that the administration's argument was "the flimsiest excuse for initiating a major attack on another country without congressional authorization, in violation of the UN Charter, in many decades."
During his early Saturday remarks announcing the attacks, President Donald Trump claimed that "imminent threats from the Iranian regime" against "the American people" drove him to act. But Kimball said that administration officials "provided absolutely no evidence" to back that assertion during the briefing.
"What they posed as the threat they were trying to preempt—an attack by Iran against US forces—is so extremely implausible, it is also laughable," said Kimball.
Following the start of Saturday's assault, which Trump explicitly characterized as a war aimed at overthrowing the Iranian government, unnamed administration officials began leaking the claim that Trump feared an Iranian attack on the massive US military buildup in the Middle East, prompting him to greenlight the bombing campaign in coordination with Israel and with a nudge from Saudi Arabia.
Kimball, in a social media post, took members of the US media to task for echoing the administration's narrative. "Reporters need to do more than stenography," he wrote in response to Punchbowl's Jake Sherman.
"The American people were lied to about Iraq. The American people are being lied to again today—and once again, it is ordinary people who will pay the price."
Trump and top administration officials also repeated the longstanding claim from US warhawks that Iran is bent on developing a nuclear weapon, something Iranian leaders have publicly denied—including during recent diplomatic talks. Neither US intelligence assessments nor international nuclear watchdogs have produced evidence indicating that Iran is moving rapidly in the direction of nukes, as claimed by the administration.
Rozen noted that some remarks from administration officials during Saturday's briefing "suggested Trump’s negotiators"—a team that included Jared Kushner and Steve Witkoff—"may not have had the expertise or experience to understand the Iranian proposal to curb its nuclear program." Rozen reported that one administration official kept misstating the acronym for the International Atomic Energy Agency (IAEA), the UN nuclear watchdog.
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Experts said it should be obvious—particularly given Trump's decision to ditch the previous nuclear accord—why Iran would not trust the US to stick by such a commitment.
The administration's inability to provide a coherent justification for war tracks with the rapidly shifting narrative preceding Saturday's strikes—an indication, according to some observers, that Trump had made the decision to attack Iran even in the face of diplomatic progress and left officials to try to cobble together a rationale after the fact.
In a lengthy social media post, Pentagon Secretary Pete Hegseth insisted war was necessary because Iran "refused to make a deal" and because the Iranian government "has targeted and killed Americans," hardly the claim of an imminent threat push by the president and other administration officials.
Brian Finucane, a senior adviser to the US Program at the International Crisis Group, noted in response that the Trump administration has "sidelined anyone who could articulate... a coherent argument, partly because expertise is deep state and woke and partly because they just don't care."
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