Exxon Profits Break All-Time Records

On Friday, Exxon posted the best quarterly income ever posted by any U.S. oil firm.

Exxon’s revenue final quarter of $17.9 billion was the highest posted by any main worldwide oil firm in historical past. This quarter’s income smashed that record, totalling $19.7 billion within the third quarter of this 12 months, practically triple what the corporate remodeled the identical time interval final 12 months.

Different oil giants additionally posted report income this quarter. Chevron posted its highest ever income of $11.2 billion, practically doubling income from the identical time final 12 months. TotalEnergies doubled its profits, posting a web earnings of $9.9 billion, a report revenue for the corporate.

Shell’s web earnings additionally multiplied from final 12 months, reaching $9.45 billion, the company’s second-highest quarterly income — afforded to them not less than partly due to the corporate’s successful avoidance of paying a windfall tax that the U.Okay. has levied on them. The corporate also announced that it will likely be finishing up a $4 billion inventory buyback plan due to the income.

These income come as fuel costs have skyrocketed over the previous two years. Fuel costs reached a excessive this summer time and have since cooled down slightly however remain high at a nationwide common of $3.76 per gallon as of Friday, in keeping with AAA.

Progressives and local weather advocates have stated that top fuel costs are a direct results of value gouging by oil and fuel corporations — and that top inflation charges basically have been brought on by company greed. Certainly, oil and fuel corporations have been experiencing a windfall that’s corresponded with all-time report income for companies this 12 months.

Specialists agree that present fuel costs are greed-driven. Whereas workers across the U.S. are struggling to even drive to work due to fuel costs, oil and fuel CEOs have been having fun with excessive fuel costs, which give them the funds to bathe their executives and shareholders with money. As fuel costs soared this summer time, as an illustration, Exxon laid out plans for a $30 billion inventory buyback program to counterpoint their shareholders.

“That is what price-gouging appears to be like like,” the Institute for Coverage Research wrote on Twitter in response to information of Shell’s income on Thursday. “Oil and fuel corporations received’t select to cease exploiting individuals on their very own — we want authorities motion.”

Lawmakers have proposed levying a windfall tax on oil corporations’ income as they exploit world inflation and Russia’s invasion of Ukraine. Sen. Bernie Sanders (I-Vermont) went one step additional in March, proposing that the U.S. levy a tax on all main companies’ extra income till 2024 with a purpose to discourage them from value gouging. However these payments in the end fizzled out, with conservatives like Sen. Joe Manchin (D-West Virginia) towards the concept.

These report income are alarming from a local weather standpoint. Extra income for oil corporations solely additional entrench their place and energy at a time when local weather specialists are warning that the world should draw down its use of fossil fuels instantly or danger pushing the planet ever additional into local weather disaster.