Big Oil Sees Record $1.4 TRILLION Surplus Cash as Working Families Struggle
WASHINGTON, D.C. – As prices at the pump continue to squeeze working families, oil and gas corporations are expected to report record free cash flow thanks to the high prices at the pump. According to a new report from Deloitte, the surplus cash could nearly double for the industry, reaching an astonishing $1.4 trillion.
During the second quarter, instead of using their record profits and this gusher of cash to lower costs for consumers, oil and gas CEOs enriched themselves and their wealthy shareholders to the tune of $61 BILLION in stock buybacks and dividends. As third quarter profits are reported this week and next, we will see more of the same: tens of billions of dollars transferred from consumers’ pockets into the pockets of Big Oil. We expect that, for many oil and gas corporations, the excess cash they generate this year will primarily be funneled into the same shareholders’ pockets instead of being put toward capital investments or relief to consumers.