{"id":859332,"date":"2022-10-28T17:57:12","date_gmt":"2022-10-28T17:57:12","guid":{"rendered":"http:\/\/radiofree.asia\/?guid=0969ca8e00c1b78219a0c1c22cb29580"},"modified":"2022-10-28T17:57:12","modified_gmt":"2022-10-28T17:57:12","slug":"this-is-what-price-gouging-looks-like-exxon-profits-break-all-time-records","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2022\/10\/28\/this-is-what-price-gouging-looks-like-exxon-profits-break-all-time-records\/","title":{"rendered":"\u201cThis Is What Price-Gouging Looks Like\u201d: Exxon Profits Break All-Time Records"},"content":{"rendered":"

On Friday, Exxon posted the highest quarterly profits ever posted by any U.S. oil company.<\/span><\/p>\n

Exxon\u2019s profit last quarter of $17.9 billion <\/span>was the highest posted<\/span><\/a> by any major international oil company in history. This quarter\u2019s profits <\/span>smashed that record<\/span><\/a>, totalling $19.7 billion in the third quarter of this year, nearly triple what the company made over the same time period last year.<\/span><\/p>\n

Other oil giants also posted record profits this quarter. Chevron posted its highest ever profits of $11.2 billion, nearly doubling profits from the same time last year. TotalEnergies <\/span>doubled its profits<\/span><\/a>, posting a net income <\/span>of $9.9 billion<\/span><\/a>, a record profit for the company.<\/span><\/p>\n

Shell\u2019s net income also multiplied from last year, reaching $9.45 billion, the corporation\u2019s second-highest quarterly profits \u2014 afforded to them at least in part because of the company\u2019s <\/span>successful avoidance<\/span><\/a> of paying a windfall tax that the U.K. has levied on them. The company <\/span>also announced<\/span><\/a> that it will be carrying out <\/span>a $4 billion<\/span><\/a> stock buyback plan because of the profits.<\/span><\/p>\n

These profits come as gas prices <\/span>have skyrocketed<\/span><\/a> over the past two years. Gas prices reached a high this summer and have since <\/span>cooled down slightly<\/span><\/a> but <\/span>remain high<\/span><\/a> at a national average of $3.76 per gallon as of Friday, according to AAA.<\/span><\/p>\n

Progressives and climate advocates have said that high gas prices are a direct result of price gouging by oil and gas companies \u2014 and that high inflation rates in general have been caused by corporate greed. Indeed, oil and gas companies have <\/span>been experiencing a windfall<\/span><\/a> that\u2019s corresponded with<\/span><\/a> all-time record profits for corporations this year.<\/span><\/p>\n

Experts <\/span>agree<\/span><\/a> that current gas prices are greed-driven. While <\/span>workers across the U.S. are struggling<\/span><\/a> to even drive to work because of gas prices, oil and gas CEOs have been enjoying high gas prices, which give them the funds to shower their executives and shareholders with cash. As gas prices soared this summer, for instance, Exxon <\/span>laid out<\/span><\/a> plans for a $30 billion stock buyback program to enrich their shareholders.<\/span><\/p>\n

\u201cThis is what price-gouging looks like,\u201d the Institute for Policy Studies <\/span>wrote on Twitter<\/span><\/a> in reaction to news of Shell\u2019s profits on Thursday. \u201cOil and gas companies won’t choose to stop exploiting people on their own \u2014 we need government action.\u201d<\/span><\/p>\n

Lawmakers have <\/span>proposed levying a<\/span><\/a> windfall tax on oil companies\u2019 profits as they exploit global inflation and Russia\u2019s invasion of Ukraine. Sen. Bernie Sanders (I-Vermont) went one step further in March, <\/span>proposing<\/span><\/a> that the U.S. levy a tax on all major corporations\u2019 excess profits until 2024 in order to discourage them from price gouging. But these bills ultimately fizzled out, with <\/span>conservatives like<\/span><\/a> Sen. Joe Manchin (D-West Virginia) against the idea.<\/span><\/p>\n

\n

Tired of paying $4, $5, $6 a gallon for gas. Here’s why:<\/p>\n

2nd Quarter Profits
Exxon Mobil:\"\u2b06\"280% to $17.9 billion
Chevron:\"\u2b06\"277% to $11.6 billion
Conoco:\"\u2b06\"146% to $5.1 billion<\/p>\n

End corporate greed. Enact a windfall profits tax. Redistribute the revenue to working class commuters.<\/p>\n

\u2014 Bernie Sanders (@BernieSanders) October 24, 2022<\/a><\/p><\/blockquote>\n