While POTUS Works to Lower Gas Prices, Big Oil CEOs Rake in Record Profits at the Expense of Working Families

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Bloomberg: Biden Urges Oil Companies to Cut Prices After Shell’s Profit Doubled

WASHINGTON, D.C. — Big Oil companies’ earnings reports expose the billions they’ve made for their CEOs and shareholders at the expense of working families. At a time when the U.S. is producing more energy than ever in our history under President Biden’s leadership, including setting records for natural gas production, there is no reason why Americans should be paying inflated prices while CEOs profit. Gas prices have dropped more than $1.25/gallon in recent months, but these companies must do more to pass on savings to families at the pump.

“It’s unacceptable that the average family is paying an additional 60 cents for every gallon of gas while Big Oil CEOs make record profits and receive billions in stock buybacks,” said Building Back Together Executive Director Danielle Melfi. “Their corporate greed is hurting everyday Americans – and it needs to stop. President Biden is fighting to lower gas prices on behalf of working families and has directed his administration to take on these Big Oil corporations for their profiteering. Every single House Republican, on the other hand, voted against a bill to stop Big Oil’s price gouging. It’s clear who’s on the side of working families and who’s standing with special interests and Big Oil.”

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NYT: Shell and Total, Oil Giants, Report Huge Profits on High Energy Prices
“Gargantuan profits continue to roll in at Europe’s energy giants. London-based Shell reported adjusted earnings of $9.45 billion for the third quarter, its second-highest profit on record. On the same day, Paris-based TotalEnergies reported a profit of $9.9 billion. For both companies, the profits were more than double what they earned in the same period a year ago.”

WSJ: Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter
“On Friday, in response to Exxon increasing its quarterly dividend, Mr. Biden tweeted, ‘Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families.’”

Yahoo: Chevron’s Second-Highest Profit on Record Accelerates Big Oil’s Cash Haul
“Profits of such magnitude have drawn sharp criticism from US President Joe Biden and other high-profile Democrats who have urged the oil industry to invest more on energy production rather than dividends and share buybacks. On Thursday, Biden criticized Shell Plc for increasing investor payouts at a time when consumers are being squeezed.”  

The Hill: Oil companies rake in huge profits amid consumer squeeze
“Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of massive industry profits even as Russia’s invasion of Ukraine causes soaring prices for consumers. Exxon Mobil on Friday morning reported its highest earnings ever at $19.7 billion for the quarter, while Shell reported its second highest of $9.5 billion.”