Saudi Aramco and BP Report Combined $50 Billion in Third Quarter Profits, Biden and the Democrats Take Action to Hold Them Accountable

Marathon Petroleum and Phillips 66 reported $3.86 billion and $3.12 billion in profits, respectively, from Q3

WASHINGTON, D.C. – Hours after President Biden called for a windfall profits tax to hold Big Oil accountable for their price gouging and profiteering, Saudi Aramco – the world’s largest oil company – reported $42.4 billion in net income for the third quarter, BP released third quarter profits to the tune of $8.15 billion, Marathon Petroleum reported $3.86 billion, and Phillips 66 reported $3.12 billion. Instead of lowering prices and putting money back in the pockets of working Americans, these oil giants chose to reward their wealthy executives and investors. 

• BP spent $1.14 billion on dividends and $2.876 billion on stock buybacks for a total of $4.016 billion on rewarding shareholders.
• Marathon spent $285 million on dividends and $3.908 billion on stock buybacks for a total of $4.192 billion spent rewarding shareholders.

President Biden and the Democrats are fighting back against excessive profits and bad faith C-suite handouts that the oil and gas industry thrives on. The President’s push for a windfall profit tax shows that he is holding the industry accountable for price gouging the American public – something that every single Republican in Congress has failed to do. Not a single Republican voted for the Climate Law, the most consequential climate action the United States has ever seen and a law that will move the nation away from the oil and gas industry, or the Price Gouging Prevention Act, a bill that would have ended price gouging at the pump. 

A new poll shows that 76% of voters in battleground states believe oil and gas companies raising prices on consumers to maximize their profits is to blame for high gas prices. In just a week, those same voters will cast ballots to decide whether to hold these corrupt CEOs accountable, or to let the executives and their Republican allies take their money and run.