Big Oil CEOs Wage War on American Consumers at the Pump While Raking in Record Profits and Massive Salaries
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WASHINGTON, D.C. – This week, President Biden warned oil and gas executives to end the price gouging that is squeezing working families at the pump and on their home energy bills, adding an estimated sixty cents a gallon to the price of gas. Big Oil CEOs are waging war on American budgets and raising their own salaries and enriching themselves with billions in stock buybacks in the process. While people across the country struggle to pay for energy necessities, these CEOs are raking in money off the backs of working families, while paying workers at their own corporations only a fraction of their executive salaries.
- Chevron CEO Michael Wirth made $22,610,285 in 2021, 123 times more than the median salary at Chevron.
- ConocoPhillips CEO Ryan Lance made $23,904,954 in 2021, 133 times the median employee salary at ConocoPhillips.
- ExxonMobil CEO Darren Woods made $23,572,488 in 2021, 125 times the median salary at ExxonMobil.
- Marathon Petroleum CEO Michael Hennigan made $21,185,206, 142 times the median salary at Marathon Petroleum.
- Hess CEO John B. Hess made $12,408,198, 63 times the median salary at Hess. Honorable mention for international corporations BP and Shell:
- BP CEO Ben van Beurden made GBP £4,457,000 in 2021.
- Shell CEO, also Ben van Beurden, made EUR €7,380,000 in 2021.
President Biden and the Democrats are working hard to hold these greedy executives accountable and address the root causes of climate change – chief among them, emissions from the oil and gas industry. Congressional Democrats passed the Inflation Reduction Act, which will create jobs, lower costs, and fight climate change, and introduced a bill to stop price gouging in the oil and gas industry. Not a single Republican – many of whom are bankrolled by Big Oil – voted for either of these bills, effectively giving these greedy executives permission to keep stealing from American families and allowing the industry to keep emitting deadly pollutants.