Fossil fuel giant Exxon Mobil announced record-smashing profits today, further underscoring the need for officials in Washington to rein in Big Oil’s runaway enrichment at the expense of consumers struggling with high energy bills.
Exxon posted $57 billion in earnings for the full year 2022, breaking its 2008 record and setting a new high for Western oil majors. Combined with Chevron’s $35.5 billion 2022 profits reported last week, the two giants totaled more than $92 billion in earnings – another record.
When combined, Big Oil giants Exxon, Marathon Petroleum, and Phillips 66, their formally announced profits from the fourth quarter of last year, racking up $18.3 billion in the final quarter, bringing in over $82.5 billion in profit last year.
This marks a 148% increase in profit margins compared to 2021. While Big Oil profited massively in 2022, American consumers were overburdened with historically high gas prices at the pump.
As three of the countries’ largest oil companies enjoyed historically high-profit margins last year, their fourth-quarter earnings call revealed that they had spent $46.6 Billion in 2022 on stock buybacks and dividends, further enriching their wealthy shareholders.
“Over the course of the last year, Big Oil companies like Exxon waged an all out war on American consumers, ruthlessly squeezing historic profits out of working and middle-class people.,” said Jordan Schreiber, Director of Energy and Environment at Accountable.US. “As more evidence of the industry’s out-of-control profiteering comes to light, we expect the new MAGA majority on the House Energy and Commerce Committee to use today’s hearing to advance the interests of wealthy industry executives and leave their constituents behind.”
Robert Weissman, president of Public Citizen, released the following statement:
“Big Oil has imposed a private tax on the American people – to the tune of more than $90 billion from just two companies alone.
“It’s past time for the American people to take that money back. A windfall profits tax would tax Big Oil on its inflated revenues – due only to the rising global price of oil and having nothing to do with Big Oil’s costs or investments – and return the money to American consumers.
“This industry is out of control. Big Oil is price gouging us to record profits while destroying the ability of future generations to live on our planet. Meanwhile, consumers spent last year paying high prices to put fuel in their cars and are spending more to heat and power their homes this winter. It is long past time to crack down on this out-of-control industry.”