(C) Common Dreams
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Big Oil Profits $75B, Leaving Consumers In The Dark [1]
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Date: 2022-02-09 13:58:08+00:00
As one oil company CEO put it, high oil prices “certainly helped” to give their industry some of the highest profits companies have seen in nearly a decade.
Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders – including their wealthy executives whose salaries are heavily padded with stocks.
In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an “even better” 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices. Meanwhile, average Americans are being forced to downsize their homes, miss seeing family and friends, and consolidate medical visits in order to cover high gas costs.
Read the full Accountable.US report here.
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[1] Url:
https://www.accountable.us/news/big-oil-companies-net-75-billion-in-profit-while-americans-struggle-to-heat-homes-fill-gas-tanks/
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