July, 29 2022, 09:35am EDT
REPORT: Big Oil Companies See 235% Increase In Profits Thanks to Months Of Sky-High Gas Prices
WASHINGTON
Today, Accountable.US released a striking new analysis showing that 8 of the largest oil companies in the country made a record-breaking $51 billion in profit in the second quarter of 2022. This marks a 235% increase over the same quarter in 2021. At the same time, American consumers saw gas prices rise at a rapid rate peaking at an average of over $5 a gallon. While they are now declining, Industry has been slow to lower costs for consumers even well after the price of crude oil has fallen.
In private oil executives boast their "strong" earnings, and Halliburton's CEO went so far as to brag that customers will "expect and accept" high gas prices.
"Not surprisingly, after spending the past three months price gouging consumers by raising gas prices to unprecedentedly high levels, eight of the largest oil companies saw their profits increase by an eye-popping and record-breaking 235%," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. "Make no mistake; these profits mark a large transfer of wealth from working and middle-class people to wealthy oil executives and shareholders. While many consumers were feeling the heavy burden of a life necessity suddenly doubling in price, oil executives were keeping prices high to maximize their profits"
Highlights of the Analysis:
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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A campaign finance watchdog on Wednesday filed a Federal Election Commission complaint accusing former President Donald Trump's 2024 campaign, affiliated political groups, and an accounting firm of violating U.S. law in a scheme "seemingly designed to obscure the true recipients of a noteworthy portion of Trump's legal bills."
The Washington, D.C.-based Campaign Legal Center (CLC) said that "evidence appears to show an illegal arrangement between several Trump-affiliated committees and a compliance firm named Red Curve Solutions that is designed to obscure the identities of those providing legal services and how much they are being paid."
"Voters have a right to know how the presidential campaigns and other committees supporting presidential candidates spend their money."
CLC alleges that the Trump campaign, Trump's political action committee (PAC) Save America, and three affiliated organizations "violated federal reporting requirements based on a scheme in which the committees reportedly paid over $7.2 million—described as 'reimbursement for legal' costs or expenses"—to Red Curve.
The watchdog also said that Red Curve appears to be "making or facilitating illegal contributions that violate either federal contribution limits or the prohibition on corporate contributions."
According to CLC:
Red Curve is a domestic limited liability company that offers compliance and FEC reporting services but does not appear to offer any legal services. It is managed by Bradley Crate, who also serves as the treasurer for each of the five Trump-affiliated committees concerned in this complaint, as well as over 200 other federal committees.
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Trump—who is the presumptive 2024 GOP presidential nominee—faces 91 federal and state felony charges related to his role in the January 6 insurrection and his organization's business practices. He is currently on trial in New York for allegedly falsifying business records related to hush money payments to cover up sex scandals during the 2016 election cycle. The twice-impeached former president has been open about his use of campaign donations to pay his legal costs.
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Florez noted that "even with the repeal of the Civil War-era ban, the state will still have a ban on abortion after 15 weeks of pregnancy that denies people access to critical care. And lawmakers continue to attack Arizonans' ability to access reproductive healthcare. Our right to control our bodies and lives is hanging on by a thread."
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The coalition supporting the amendment, Arizona for Abortion Access, highlighted on social media that the House-approved bill "did not include the emergency clause required to stop the 1864 ban from taking effect on June 8," meaning H.B. 2677 wouldn't apply until 90 days after the end of the legislative session.
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