August, 10 2022, 11:36am EDT
Oil Execs Brag About "Higher Price Environment" After Big Oil's Record-Breaking $90 Billion Profits in Q2
Today, Accountable.US released its updated and conclusive report on Big Oil's massive second-quarter earnings, showing that the 28 largest oil companies made a record-breaking $90 billion in profits - a 183% increase over the same quarter from last year.
WASHINGTON
Today, Accountable.US released its updated and conclusive report on Big Oil's massive second-quarter earnings, showing that the 28 largest oil companies made a record-breaking $90 billion in profits - a 183% increase over the same quarter from last year. According to the report, during the past three months the companies funneled $15 billion in dividends to their shareholders while dramatically raising gas prices to historic levels for American consumers.
Oil executives boasted about their massive profits during earning calls: Coterra's CEO described their financial state as an "embarrassment of riches," and Halliburton's CEO went so far as to brag that customers will "expect and accept" high gas prices.
"Big Oil has profited tremendously this quarter by rapidly raising gas prices to historic highs and artificially maintaining them to squeeze every last dollar of profit from American consumers. When it was all said and done the 28 largest oil companies brought in a jaw-dropping and record-shattering $90 billion in profits," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. "As working and middle-class people struggled to make ends meet under the weight of sky-high gas prices, wealthy oil executives were busy funneling billions of dollars of consumers' hard-earned money to their corporate coughers and wealthy shareholders."
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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