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.
LATEST NEWS
'We Will Organize Those People,' Anti-Poverty Crusader William Barber Says of Millions Set to Lose Medicaid
"They will not kill us and our communities without a fight."
Jul 02, 2025
Armed with 51 caskets and a new federal analysis, faith leaders and people who would be directly impacted by U.S. President Donald Trump's so-called Big Beautiful Bill got arrested protesting in Washington, D.C. this week and pledged to organize the millions of Americans set to lose their health insurance under the package.
Citing Capitol Police, The Hill reported Monday that "a total of 38 protestors were arrested, including 24 detained at the intersection of First and East Capitol streets northeast and another 14 arrested in the Capitol Rotunda. Those taken into custody were charged with crowding, obstructing, and incommoding."
The "Moral Monday" action was organized because of the "dangerous and deadly cuts" in the budget reconciliation package, which U.S. Senate Republicans—with help from Vice President JD Vance—sent to the House of Representatives Tuesday and which the lower chamber took up for consideration Wednesday.
According to the nonpartisan Congressional Budget Office (CBO), the megabill would result in an estimated 17 million Americans becoming uninsured over the next decade: 11.8 million due to the Medicaid cuts, 4.2 million people due to expiring Affordable Care Act tax credits, and another 1 million due to other policies.
"This is policy violence. This is policy murder," Bishop William Barber said at Monday's action, which began outside the U.S. Supreme Court followed by a march to the Capitol. "That's why we brought these caskets today—because in the first year of this bill, as it is, the estimates are that 51,000 people will die."
"If you know that, and still pass it, that's not a mistake," added Barber, noting that Sen. Thom Tillis (R-N.C.)—one of three Republican senators who ultimately opposed the bill—had said before the vote that his party was making a mistake on healthcare.
Moral Mondays originated in Tillis' state a dozen years ago, to protest North Carolina Republicans' state-level policymaking, led by Barber, who is not only a bishop but also president of the organization Repairers of the Breach and co-chair of the Poor People's Campaign: A National Call for Moral Revival.
This past Monday, Barber vowed that if federal lawmakers kick millions of Americans off their healthcare with this megabill, "we will organize those people," according to Sarah Anderson of the Institute for Policy Studies (IPS).
In partnership with IPS and the Economic Policy Institute, Repairers of the Breach on Monday published The High Moral Stakes of Budget Reconciliation fact sheet, which examines the version of the budget bill previously passed by the House. The document highlights cuts to health coverage, funding for rural hospitals, and the Supplemental Nutrition Assistance Program (SNAP).
The fact sheet also points out that while slashing programs for the poor, the bill would give tax breaks to wealthy individuals and corporations, plus billions of dollars to the Pentagon and Trump's mass deportation effort.
"Instead of inflicting policy violence on the most vulnerable, Congress should harness America's abundant wealth to create a moral economy that works for all of us," the publication asserts. "By fairly taxing the wealthy and big corporations, reducing our bloated military budget, and demilitarizing immigration policy, we could free up more than enough public funds to ensure we can all survive and thrive."
"As our country approaches its 250th anniversary," it concludes, "we have no excuse for not investing our national resources in ways that reflect our Constitutional values: to establish justice, domestic tranquility, real security, and the general welfare for all."
Keep ReadingShow Less
Trump Asylum Crackdown Dealt Major Blow in 'Hugely Important' Court Ruling
"Nothing in the Constitution grants the president the sweeping authority asserted," wrote a U.S. district judge.
Jul 02, 2025
President Donald Trump's crackdown on asylum-seekers was dealt a major blow on Wednesday when U.S. District Judge Randolph Moss ruled that the administration had vastly overstepped its legal authority with an executive order issued on the first day of his second term.
Politico reports that Moss found that Trump's January 20 executive order slapping new restrictions on asylum-seekers even if they arrive at proper points of entry exceeded his powers as outlined by the Immigration and Nationality Act (INA), which the judge described as containing the "sole and exclusive" procedure for properly deporting undocumented immigrants. In fact, Moss went so far as to say that Trump had established "an alternative immigration system" with his asylum order.
Moss—appointed to the district court in Washington, D.C. by former President Barack Obama—also didn't buy the administration's rationale that such drastic measures were necessary due to the emergency of an "invasion" at the southern border.
"Nothing in the INA or the Constitution grants the president... the sweeping authority asserted in the proclamation and implementing guidance," the judge wrote. "An appeal to necessity cannot fill that void."
Lee Gelernt, an attorney for the American Civil Liberties Union who argued the case in court, praised the ruling as "a hugely important decision" that will "save the lives of families fleeing grave danger" and "reaffirms that the president cannot ignore the laws Congress has passed and the most basic premise of our country's separation of powers."
The original Trump order not only barred asylum-seekers who showed up at the border outside the proper points of entry, but also mandated that asylum-seekers at the points of entry provide additional documentation beyond what is required by law, including medical histories and information about potential past criminal records.
Moss' order is not going into effect immediately as he is giving the administration two weeks to prepare an appeal.
Keep ReadingShow Less
House Dems Form Procedural 'Conga Line' to Block Medicaid and SNAP Cuts
"We're here to help people, not screw people over!" said Rep. Jim McGovern.
Jul 02, 2025
Democrats in the House of Representatives on Wednesday banded together in an attempt to gum up the works to block House Republicans from passing their massive budget bill that includes historic and devastating cuts to both Medicaid and the Supplemental Nutrition Assistance Program known as SNAP.
One by one, House Democrats moved in what Punchbowl News reporter Jake Sherman described as a "conga line" to make the exact same request for unanimous consent "to amend the rule to make an order the amendment at the desk that protects against any cuts to Medicaid and SNAP." Each time a Democrat would make the request, Rep. Steve Womack (R-Ark.), holding the gavel in the chamber, informed them that "the unanimous consent request cannot be entertained."
At one point, Rep. Jim McGovern (D-Mass.) grew frustrated with his Republican colleagues for their insistence on passing the budget bill, which he noted would significantly cut taxes for the richest Americans while decimating safety net programs designed to help poor and working class Americans.
"We're here to help people, not screw people over!" McGovern fumed.
As of this writing, Speaker of the House Mike Johnson (R.La.) remained in his office, according to Punchbowlreporting, an apparent signal that a floor vote for Wednesday remained up in the air.
The United States Senate on Tuesday passed a budget package by the slimmest of margins that the Congressional Budget Office has estimated would slash spending on Medicaid and the Children's Health Insurance Program by more than $1 trillion over a ten-year-period and would slash SNAP spending by more than $250 billion over the same period.
Previous polling has shown that the budget package is broadly unpopular and a new poll from Data for Progress released Wednesday found that the Republican plan grows more unpopular the more voters learn about its provisions. In particular, voters expressed significant concern about the plan's impact on the national debt, cuts to CHIP and Medicaid, and attacks on clean energy programs.
Over 100 @HouseDemocrats lined up to ask for "unanimous consent to amend the rule and make in order the amendment at the desk that protects against any cuts to Medicaid & SNAP" pic.twitter.com/r5ktS9Uj0K
— Jahana Hayes (@RepJahanaHayes) July 2, 2025
Keep ReadingShow Less
Most Popular