WASHINGTON, DC – March 7, 2023 (Investorideas.com Newswire) The staggering profits made by the nation’s largest oil companies have sparked outrage among consumers and lawmakers alike. According to a new report released by Accountable.US, 26 of the biggest oil companies in the country made a record-breaking $290 billion last year, a 126% increase from the previous year.
The report highlights the fact that Big Oil giants like BP, Shell, and Chevron more than doubled their net income from the previous year, while smaller companies like Murphy Oil and Southwestern Energy saw increases of 1,410% and 7,496%, respectively. The industry’s historic margins were largely achieved through price-gouging of American consumers, who have been struggling with artificially high prices at the pump.
As families across the country continue to feel the financial strain of these high prices, the oil industry spent over $163 billion on stock buybacks and dividends, further enriching their wealthy shareholders. This has led to widespread criticism of the industry, with many calling for increased regulation and oversight to prevent such excessive profits at the expense of consumers.
In response to the report, lawmakers have called for a range of measures to hold Big Oil accountable for their actions. Some have proposed a windfall profits tax on the industry, while others have called for increased investment in renewable energy sources to reduce our dependence on fossil fuels.
Despite these calls for action, Big Oil executives have continued to complain about supposed regulatory burdens and environmental regulations, arguing that they are necessary to maintain their profits. However, many experts argue that these profits are simply unsustainable, and that the industry must adapt to a changing energy landscape if it hopes to remain relevant in the years to come.
