Big Oil’s Price Gouging Is Pulling in Big Profits
As high gas prices continue to affect working Americans and to be a key factor in the upcoming midterm elections, three of the biggest oil and gas companies posted more than $40 billion in quarterly profits this week.
Cars fill up on fuel at ExxonMobil gas station in San Pablo, California. (David Paul Morris / Bloomberg via Getty Images)
Three of the biggest oil and gas companies posted more than $40 billion in quarterly profits this week, as Americans’ pain at the pump from Big Oil’s price gouging continues to be a key factor in the election.
Such outsized profits suggest Democrats’ attempts to curtail Big Oil’s profiteering through rhetoric alone have failed, and that the pain of high gas prices and other financial hardships plaguing a majority of Americans will continue.
ExxonMobil posted its biggest quarter ever on Friday, with nearly $20 billion in earnings during the third quarter of this year. This was a 191 percent increase from the $6.75 billion it raked in during Q3 2021.
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