Oil Giants Report Record Profits from High Energy Prices

Exon had THE biggest profit quarter in the history of their company, raking in $2000+ PER second last quarter.  I understand people's frustration and worry about the current amount of inflation I and my husband are retired and have limited means) but direct that frustration anger, worry and yes....sometimes anger at the cause of the current inflation rate.  The pandemic and interruption in supply of needed items (because of the war in Ukraine) have been augmented by the GREED of the oil companies, which has increased the prices of EVERYTHING that is needed, due to their monstrous money grubbing.

The revenues of oil companies ($2T) was 1/3rd as much as US tax revenue ($7T) for 2021. 

https://www.usgovernmentrevenue.com/total_revenue_chart

https://www.investopedia.com/ask/answers/030915/what-percentage-global-economy-comprised-oil-gas-drilling-sector.asp

What Percentage of the Global Economy Is the Oil and Gas Drilling Sector?

The oil and gas exploration and production sector currently makes up around 3.8% of the global econ...

https://www.investopedia.com/ask/answers/030915/what-percentage-global-economy-comprised-oil-gas-drilling-sector.asp

Don't blame the oil giants ... they are merely doing what they can get away with

shame on congress & admin for zero oversight and an impotent consumer protection board if there is such a thing left after dumbkopf 

"These increased profits are mainly due to the Russian invasion of Ukraine, which caused a surge in crude oil, natural gas, and gasoline prices this year."

-this is the biggest load of crapola! The profits are due to oligarchical profit gauging that's resulted from decades of congressional gauging of anti trust laws. Congress is to blame for letting oligarchs price gauge us. Congress needs to fix this.

Produce enough refined oil to cover the near term transition to a mostly fossil fuel economy. The inflation on most everything goes up with the costs of fuel to get stuff from there to here. There is no truth to the assertion that big-oils assertion that they somehow earned these profits, they just rode the wave of profits that reduced refining capacity provided, while doing little to restart idled facilities that are needed.

Even corporate monsters are part of the world's and our country's economies and have a social responsibility to the people that support their very existence and not only just their share holders. This is one of those cases where they have to eat some near term profits for the longer term benefit of the people who support them, as good world 'citizens' - to get the world wide oil price driven inflation under control.

So----where are the tax dollars for this outlandish windfall?  Oh crap!  I forgot.  The Gods of Privilege put a stop to those taxes just like they did for any large corporation.  With subsidies and other un-necessary "freebies" to said corporations, the Gods of Privilege have the audacity to complain about SNAP, healthcare, social security, public education, etc.  Never ceases to amaze me just how dumb our politicians think we are.  It is all done in the name of Fascist control over our country and dissolving our personal rights and freedom.  Vote these nay-sayers out of office ASAP.  There has to be somebody out there who still has the health and welfare of this country built into their heart and soul because it sure isn't with my senators and representative.

jimK says it well again.
There could be a windfall profits tax...but that would be too late perhaps for this event. But this if gouging and profiteering.
Absolutely NO EXCUSE for dishing out subsides to these companies!
If they want to keep their subsides ATTACH REQUIRMENTS to invest in and begin moving into FUTURE ENERGY...sustainable and not as dangerous to the climate and environment... i.e. Wind Turbine, Solar, Hydro.  DO NOT offer me "nuclear" because the relies on humans to build things correctly and we KNOW how that goes...the lowest bidder, cheapest materials, poorest workmanship makes nuclear so damn dangerous. And if that wasn't bad enough in itself...Mother Nature has a mean habit of demonstrating how she can topple anything man builds--FLOODS, TSUNAMIS, TORNADOS, EARTHQUAKES.
YEPPERS... BIG OIL needs to fade into oblivion, and the quicker, the better.

It's time stop letting corporations run our country and hold us hostage.

We can't trust the oil companies to be honest with us about their needs, their motives, or their pricing. They are about greed and control, and nothing else.

More drilling isn't going to help us for years, and these companies don't want to increase refining capacity because it will cost them money and cut into their profits. 

Let's tax them and end oil subsidies. No more welfare for fossil fuels. Yes, there may be some short-term pain, but we need to wean ourselves off this corporate greed.

If corporations are people, then these people need to stand on their own feet.

Maybe the American oil products are the only ones that will not give the big guy a piece.

And yet Biden still refuses to take ownership of his part in creating this crisis. #NO RESPONSIBILITY, NO CREDIBILITY.

Oil company profits hit record levels for 2Q22. Exxon Mobil made $18B, and Shell and Chevron each made $12B for just 1 quarter (3 months). A recent study using World Bank data shows the oil companies over 50 years make $1T/year. 

Crude prices down about 15% since the early-March peak but refining becomes the bottleneck driving high profits that aren’t being invested in expanding refining capacity.

Crude is processed by oil refineries into gas, diesel, and jet-fuel used for travel in a process referred to as “Crack" and "spread" refers to the price difference between crude oil bought by refiners and the final products sold by them.

From 1985 to 2021 the crack spread averaged about $10.50 per barrel and only rose above $20 during high demand has now hit $55 per barrel of gasoline.

Current crack spreads are even higher for diesel and jet fuel that affects consumers pricing of plane tickets and products that are shipped by truck or air (especially multiple step global supply lines).

The release of national reserves was unrefined oil that now use be refined, and many refineries are still reopening from Covid lockdowns and is at its lowest since 2014 according to Energy Information Administration

Opening refining capacity is the only way to reduce cost at the pump now.

Congress needs to review this process now and consider actions like invoking the DPA to increase refining capacity, wind fall taxes to fund EV rebates & charging stations, and expanding power generation using non-fossil fuels.

https://www.theguardian.com/commentisfree/2022/aug/02/oil-industry-record-profits-climate-crisis

https://www.theguardian.com/environment/2022/jul/21/revealed-oil-sectors-staggering-profits-last-50-years

https://www.businessinsider.com/why-gas-prices-so-high-crude-oil-market-crack-spreads-2022-5

https://www.causes.com/comments/7729

Senators & Representatives,
Oil Giants Report Record Profits from High Energy Prices My family and I want the government to curb oil profits.
Best. 

Supply and Demand. The oil companies reduced refining during COVID when folks stopped traveling. Even most oil producers slowed down oil production. Then Covid was lifted. Folks began traveling more. So as a good entrepreneur, what would you do. Slowly increase refining and oil production. Sit back and watch the consumer bitch and moan but pay the price. One way to slow inflation is to only buy what you need. Use public transportation when available, share ride. But not this country. They will cry and whine but do nothing to help themselves. So inflation goes on, people are complaining, and getting another credit card. 

Congress should combine a windfall tax on oil company profits with a tax credit to those firms which expand oil production. 

And unshockingly no one is surprised. 

Biden putting blame on everyone else BUT himself. What's new? This year and a half has been the worst political and economic years of my life. Just 10 years ago, I couldn't imagine not being able to recognize my own country. You could  not have made me believe what this country has now become. 

I am DONE with woke bullshit! 

I am DONE being told what I can say or not say. 

I am DONE watching our kids be abused with transgenderism, CRT, gender identity, hormone blockers, sex changes, pronouns, pornography, and all of this sick demented shit!

I am DONE with corrupt media, politicians, FBI, DOJ, prosecuting attorneys, and judges. 

I am DONE with a one sided justice system.

I am DONE with election fraud.

I am DONE with bills that have a pretty name but have scheming bs inside.

I am DONE with a dementia having, corrupt, compromised, bumbling idiot for a President.

I am DONE WITH F'ING RINOS!!!!! MITCH MCCONNELL, LYNDSEY GRAHAM, MARK MEADOWS, and all the rest that cave like little pu**ies to Democrats!!!

If you can't at least fight back to protect our damn constitional rights and for our kids, THEN GET THE HELL OUT OF WASHINGTON!!!!!🤬🤬🤬🤬🤬🤬