Blockbuster: Oil companies’ profits soared to $174bn this year as US gas prices rose

Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends

2
534

Guardian: 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.

Gasoline prices have hit a seven-year high in the US due to the rising cost of oil, with Americans now paying about $3.40 for a gallon of fuel compared with around $2.10 a year ago.

The Biden administration has warned the price hikes are hurting low-income people, even as it attempts to implement a climate agenda that would see America move away from fossil fuels, and has released 50m barrels of oil from the national strategic reserve to help dampen costs.

ATTENTION READERS
Due to the nature of independent content, VT cannot guarantee content validity.
We ask you to Read Our Content Policy so a clear comprehension of VT's independent non-censored media is understood and given its proper place in the world of news, opinion and media.

All content is owned by author exclusively. Expressed opinions are NOT necessarily the views of VT, other authors, affiliates, advertisers, sponsors, partners or technicians. Some content may be satirical in nature. All images within are full responsibility of author and NOT VT.

About VT - Read Full Policy Notice - Comment Policy

2 COMMENTS

  1. Corporate America has decided to take down the USA and replace it with an out-and-out fascist dictatorship. That way they can finally dispense with the pesky notion of democracy and the US Constitution which has been in shreds anyway since 9/11. This will all happen with a bang, just as it did in Germany in 1933. 1/6 was just a dress rehearsal. Our version of the Reichstag Fire… coming right up, folks. Israel is on it.

    “When Fascism comes to America, it will be wrapped in the flag and carrying a cross” – Sinclair Lewis

    • The majority of people in the US would not resist. They are too soft, spoiled and digitized to take any action except random intermittent misdirected violence. The Trumptards will eat their own and the rest will be watching it on UTube. We are too far gone to save.