BIG OIL BOON: BP Reports $13.8 Billion in Total 2023 Profits
Oil industry executives are throwing millions at Trump campaign as he spends it on legal fees to stay out of jail
Washington, D.C. – Today, BP reported $3 billion in Q4 profits, rewarding shareholders with $1.2 billion spent on dividends and $1.4 billion on stock buybacks. In total, they made $13.8 billion in 2023. Last week, ExxonMobil, Chevron, and Shell released their profits, bringing the total for all four corporations to $105.4 billion for 2023.
Big Oil has had an incredibly profitable year – aided by Donald Trump’s actions while in office. Former President Trump’s signature accomplishment was his 2017 tax law that gave handouts to the oil and gas industry and bailed out billionaire executives, giving them a free pass to keep profiting. Now, oil and gas executives and lobbyists are propping up Trump’s campaign, with fossil fuel interests giving at least $8.3 million to the campaign in the last six months of 2023. Industry players know their donations will secure an oil-friendly presidency if Trump is elected, but Trump is spending more than he’s bringing in on legal fees just to stay out of jail.
“Big Oil executives are praying for another Trump presidency – and shelling out big bucks to make it happen. They know that another four years with Donald Trump in office means another four years of no-holds-barred profiteering and pro-oil policy,” said Alex Witt, Climate Power senior advisor for oil and gas. “If Trump is elected, he will dismantle President Biden’s clean energy plan and gut our climate progress. His only interest is giving corporations a break and making families pay for it at the pump. In contrast, President Biden’s clean energy plan is lowering costs for American families, creating hundreds of thousands of good-paying jobs, and reducing our dependence on fossil fuels.”
President Biden’s climate plan is moving the U.S. away from reliance on profiteering oil and gas companies. In the year since the clean energy plan became law, businesses have announced more than 210,000 new clean energy jobs across 45 states and Puerto Rico totaling $310 billion in new investments. If elected, Donald Trump has promised to end President Biden’s historic climate investments, giving Big Oil license to keep polluting.