{"id":207255,"date":"2022-03-21T12:00:48","date_gmt":"2022-03-21T12:00:48","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=207255"},"modified":"2025-05-19T19:11:06","modified_gmt":"2025-05-19T18:11:06","slug":"biggest-oil-giants-made-eye-popping-205-billion-in-profits-in-2021-report","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2022\/03\/biggest-oil-giants-made-eye-popping-205-billion-in-profits-in-2021-report\/","title":{"rendered":"Biggest Oil Giants Made ‘Eye-Popping’ $205 Billion in Profits in 2021: Report"},"content":{"rendered":"
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While millions have been hurt by surging gas prices, a new report from a government watchdog group shows 25 of the world’s biggest fossil fuel corporations in 2021 collectively pulled in $205 billion in profits. Now, fossil fuel giants are trying to “cash in on inflation and the crisis in Ukraine,” said one critic.
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15 Mar 2022 – <\/em>While millions of working people have been hurt by surging gas prices, a new analysis<\/a> out today shows that 25 of the world\u2019s biggest fossil fuel corporations collectively pulled in an \u201ceye-popping\u201d $205 billion in profits last year \u2014 and Big Oi<\/a>l is exploiting Russia\u2019s war on Ukraine to charge even more<\/a> at the pump in 2022 and advance its financial interests.<\/p>\n

According to the new report from government watchdog Accountable.US<\/a>, top oil and gas companies took \u201cfull advantage\u201d of last year\u2019s sky-high prices and record profits. Fourteen firms rewarded shareholders with more than $35 billion in stock buybacks and dividend bumps.<\/p>\n

“All this money helps to line the pockets of wealthy oil executives who receive massive chunks of their compensation in company stock.”<\/strong><\/em><\/p><\/blockquote>\n

As the report details, Big Oil has been bragging to investors about its windfall profits on recent earnings calls. Chevron<\/a>, for instance, called 2021 one of its \u201cmost successful years ever.\u201d Shell CEO Ben Van Beurden described it as a \u201cmomentous year.\u201d<\/p>\n

Meanwhile, Coterra CEO Tom Jordan characterized high gas prices as \u201cgood,\u201d and Equinor CEO Anders Opedal marveled at how the industry has been \u201ccapturing value from high prices.\u201d<\/p>\n

Last year\u2019s record profits came as average gas prices in the U.S. steadily increased<\/a> \u2014 hitting around $3.40 per gallon in December 2021, up from $2.10 a year before. As consumer demand rose last year following a brief coronavirus-driven decline in 2020, shareholders pressured<\/a> fossil fuel corporations to restrict supply to drive prices higher.<\/p>\n

Oil and gas costs have soared even higher during the first three months of 2022.<\/p>\n

Since President Joe Biden announced<\/a> one week ago that the U.S. would ban imports of Russian fossil fuels in response to Moscow\u2019s deadly assault on Ukraine, the average price<\/a> for a gallon of gas in the U.S. has continued to climb, surpassing $4.31 on Tuesday.<\/p>\n

Given that the UK and the EU have also taken steps to clamp down on imports of Russian oil and gas, fossil fuel executives are reportedly<\/a> salivating at the prospect of forcing consumers to accept higher costs amid the war.<\/p>\n

According to Accountable.US, the fossil fuel giants responsible for hiking prices have already announced plans to buy back nearly $80 billion in stocks in 2022, boasting of their ability to deliver \u201ceven better\u201d returns for shareholders this year.<\/p>\n

Devon Energy, for example, said last month that doubling down on share buybacks is the \u201cclear thing for us to do.\u201d<\/p>\n

\u201cAll this money helps to line the pockets of wealthy oil executives who receive massive chunks of their compensation in company stock,\u201d states the report.<\/p>\n

When Biden announced the U.S. boycott of Russian petroleum products, he stressed that this is \u201cno time for profiteering or price-gouging.\u201d<\/p>\n

The Congressional Progressive Caucus followed up with a call<\/a> to swiftly pass legislation to prevent more \u201cshameless\u201d price hikes, ramp up investments in renewable energy and raise wages and lower the costs of necessities for working families amid high levels of inflation<\/a>, which 82% of U.S. voters attribute to<\/a> \u201ccorporate greed.\u201d<\/p>\n

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Why is the price of oil LOWER today than it was in 2014 while the average price for a gallon of gas nationwide is 80 cents a gallon HIGHER than it was eight years ago? Answer: Corporate greed. Now is no time for profiteering. Now is the time for a windfall profits tax.<\/p>\n

— Bernie Sanders (@SenSanders) March 15, 2022<\/a><\/p><\/blockquote>\n