Big Oil profits, you pay the price.
Americans are at their breaking point with high prices at the pump. Gas prices have always gone through times of volatility, but there’s something different about this time around.
Recently, crude oil prices in the United States reached as high as $120 per barrel. We’ve seen prices reach that high before: In 2008, oil prices spiked much higher, but gas prices didn’t reach this historically high national average of over $5 per gallon experienced in June of this year.
So, what’s behind the historically high gas prices we’re seeing in recent months? Oil company profiteering.
Earlier this year, oil companies brazenly admitted their desire to boost profit margins and generate even more cash for their wealthy shareholders and executives. And they continue to make more by keeping supplies low and prices high.
It’s time to hold oil companies accountable and end our dependence on dirty fossil fuels.
CHECK THE FACTS
Today’s gas prices at the pump are disconnected from historical precedent:
- On June 13, 2022, the spot price for Cushing WTI crude oil was $120.92.
- On June 14, 2022, the national average price of gasoline was $5.016/Gallon.
- In April of 2008, the monthly average spot price for Cushing WTI crude oil was $112.58. In May of 2008, it rose to $125.58, and by June, it was over $133.
- In April of 2008, the monthly national average price of gasoline was $3.507/Gallon.
Don’t be fooled, oil companies were already raking in record amounts of cash in 2021:
- ExxonMobil reported a 2021 profit of $23 billion, their highest profit since 2014.
- Chevron reported a 2021 profit of $15.6 billion, their highest profit since 2014.
- Shell reported a 2021 profit of $19.3 billion, their highest profit since 2014.
- ConocoPhillips reported a 2021 profit of $8.1 billion, their highest profit since 2013.
- BP reported a 2021 profit of $12.8 billion, their highest profit since 2013.
Listen to oil company executives in their own words, describing how they are (and will continue) prioritizing profits for their already wealthy investors: