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Big Oil Companies See 235% Increase In Profits Thanks to Months Of Sky-High Gas Prices

WASHINGTON, D.C. – July 29, 2022 ( Newswire) 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 group that exposes corruption across all levels of government.

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