Here’s a report I find incredibly depressing. Not just because someone or some industry made a lot of money, but because they’ll use that money to continue producing more fossil fuels – with the periodic oil spills from ships, or leaks in their pipe lines, or failures in their off-sea platforms – to thoughtlessly continue to provide energy that’s leading to the disaster of Earth. And as the report states, they also use their money to control legislators, to keep the system going. Comments afterwards.
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Price Gouging at the Pump Results in 235%
Profit Jump for Big Oil: Analysis
“Make no mistake; these profits mark a large transfer of wealth
from working- and middle-class people to wealthy oil executives
and shareholders,” said Jordan Schreiber of Accountable.US.
Common Dreams
July 29, 2022
As fossil fuel giants this week reported record profits for the second quarter, an analysis out Friday highlighted how eight oil companies have raked in nearly $52 billion over the past three months “while Americans continue to struggle at the pump.”
The review by the watchdog group Accountable.US revealed that from April through June, Chevron, Equinor, ExxonMobil, Hess Corp, Phillips 66, Shell, and TechnipFMC “saw their profits skyrocket from the same time period last year, with income shooting up 235%.”
The analysis also pointed out that leaders at Equinor, Halliburton, Hess Corp, and TechnipFMC have boasted “about excellent quarters while dismissing high prices for consumers.”
Jordan Schreiber of Accountable.US called the companies’ collective profit boost “eye-popping” but also unsurprising “after spending the past three months price gouging consumers by raising gas prices to unprecedentedly high levels.” She said …
“Make no mistake; these profits mark a large
transfer of wealth from working- and middle-
class people to wealthy oil executives and
shareholders. While many consumers were
feeling the heavy burden of a life necessity
suddenly doubling in price, oil executives were
keeping prices high to maximize their profits.”
The Q2 profits of U.S. energy giants Chevron and Exxon—$11.62 billion and $17.85 billion, respectively—along with that of Europe’s largest oil company, Shell—$11.47 billion—drew widespread criticism along with calls for action by lawmakers and President Joe Biden.
Richard Wiles, president of the Center for Climate Integrity, said in a statement Friday …
“Big Oil companies are making a killing
and pouring fuel on the climate fire while
communities pay for more and deadlier
climate disasters. It’s outrageous.”
“Exxon and other oil and gas corporations
lobbied and lied for decades to keep the
world addicted to fossil fuels, making
billions while hardworking families pay
for higher gas prices and costlier heat-
waves, wildfires, droughts, and floods.
“Now Exxon is once again using its
record profits to line the pockets of
executives and shareholders.”
Wiles asserted that “elected officials cannot remain silent in the face of this injustice. Whether it’s taxing these companies’ record profits, or taking them to court to make polluters pay for climate damages they knowingly caused, it’s time to stand up to Big Oil.”
Public Citizen president Robert Weissman declared that “Big Oil is laughing all the way to the bank—and the joke’s on us.” He argued …
“We don’t have to be suckers. A windfall
profits tax with rebates to taxpayers
would offset the pain at the pump and
end Big Oil’s profiteering. Banning
U.S. oil exports would actually lower
prices for American consumers.”
According to Weissman,
“It’s time for Congress and the Biden
administration to stop complaining
about Big Oil’s rip-off and start
doing something about it.”
Some lawmakers agree. While Republicans “will continue to play politics and blame Biden for gas prices,” Rep. Mark Pocan (D-Wis.) said of the fossil fuel giants’ quarterly profits, “we need to crack down on Big Oil.”
Sen. Bernie Sanders concurred, tweeting that “it’s time for a windfall profits tax.”
While some of his colleagues have introduced legislation focused on Big Oil, Sanders has put forth a broader tax proposal that would target price gouging by a range of companies.
Amid rising fears of recession in recent weeks, calls have been mounting for federal lawmakers to more forcefully take on corporate greed. The Inflation Reduction Act unveiled Wednesday features some related policies, but climate activists have also sounded the alarm about its energy provisions. The bill—negotiated with fossil fuel ally Sen. Joe Manchin (D-W.Va.)—contains major handouts that are reportedly “delighting” the oil and gas industry.
The fossil fuel industry has not only used its record profits to enrich shareholders; it’s also dumped money into influencing officials on Capitol Hill. As Common Dreams reported exclusively on Thursday, an analysis from Climate Power shows that since last year, the sector has poured over $200 million into sabotaging climate action.
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Well, the U.S. Senate just passed a bill purporting to help address the climate change problem. The bill now goes to the House and, if passed, to the President. I don’t know what’s actually in the bill; we are just given the headlines. But I have a hard time believing that the oil industry would cause legislation that works against their self-interest.
My biggest confidence lies with what each of us decides we can do to deter a climate crisis that can, literally, make planet Earth uninhabitable. Are we just lemmings, following a modern-day pied piper to our own destruction?
The Garden Atrium home in which I live is the most beautiful home in which I’ve ever lived. The home also provides 100% of our heating, cooling, water and electrical power – for home and car. Our e-car is a treat to drive, and maintenance costs only a couple of hundred dollars a year. And we use no fossil fuel. In short, our technology lets us live in an environment that’s wonderful for us and for Earth … and for a fraction of the cost.
Why don’t more people do it?
The only answer I think of is “Comfort.” If it’s too hot, we cool off. If we’re cold, we find heat. We all seek comfort. That’s also true for the foods we eat, the car we drive, and the home in which we live. When we’re comfortable, we’re happier. And we’ll resist anything that might pose a threat to our comfort. Change – of almost any kind- is a threat to our comfort.
My mother was a smoker. (Camels, with no filter.) She swore she could never stop smoking. Then her doctor diagnosed her with TB … an almost eradicated disease. Even though her doctor said that her smoking had nothing to do with her getting or curing TB, my mother quit smoking … instantly!
Is that what it’ll take for each of us to make changes in our lifestyle?
It’s even more difficult to change from our comfort zone in stressful times.
We can live as comfortably as we’ve ever lived. With no sacrifice whatever. Or we can continue, like lemmings, to be at the mercy of the politicians and the industries for whom politicians – through campaign donations – actually work. As the article reports, profit is their goal, not our ability to sustain life on Earth.
It’s up to each of us.
