• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 10 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 20 mins "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 10 hours The Federal Reserve and Money...Aspects which are not widely known
  • 2 hours Uniper is over - Germany (Government) buys the Company
  • 5 hours "How BlackRock Conquered the World" by James Corbett (all 3 parts)
  • 11 hours "Oil prices likely not responsible for inflation and other energy insights by hedge fund manager Josh Young" - Kitco News interview by David Lin
  • 13 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 6 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 13 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
Energy Stocks Are A Big Buy Right Now

Energy Stocks Are A Big Buy Right Now

Oil prices are currently down…

Big Oil Posts $174 Billion In Profits This Year: Report

Big Oil majors booked profits of a combined $174 billion for the first nine months of the year as they focused on returning cash to shareholders instead of boosting production to arrest a price rally, The Guardian reported this week, citing a report shared exclusively by Accountable.US, a government corruption watchdog.

According to the information in the report, the 24 biggest oil companies made $74 billion in net profits, with Accountable.US accusing the majors of "taking advantage of bloated prices, fleecing American families along the way."

"Americans looking for someone to blame for the pain they experience at the pump need look no further than the wealthy oil and gas company executives who choose to line their own pockets rather than lower gas prices with the billions of dollars in profit big oil rakes in month after month," said Accountable.US president Kyle Herrig, as quoted by The Guardian.

Higher oil prices have pushed retail fuel prices in the United States to multi-year highs, serving a blow to President Biden's popularity among voters ahead of the mid-term elections next year, prompting the administration to try different tactics to arrest the rally.

Among these were repeated calls on OPEC+ to boost production and threats to investigate illegal conduct by U.S. oil companies seeking to swell prices at the pump.

Related: China Merges Mining Assets To Create Rare Earth Mining Giant

There is allegedly "mounting evidence of anti-consumer behavior by oil-and-gas companies," a letter sent by the White House to FTC chairwoman Lina Khan stated last month. "The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately," President Biden also wrote in the letter.

Calls on OPEC+ also yielded no results, which was why the Biden administration in late November announced the planned release of 50 million barrels of crude from the strategic petroleum reserve of the country.

The announcement coincided with the news of the latest coronavirus variant, which led to a sharp plunge in oil prices last week before benchmarks recouped some of their losses, despite OPEC+'s decision to add another 400,000 bpd to its monthly total in January, which the White House touted as a victory in its diplomatic efforts.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Denis Fitzpatrick on December 06 2021 said:
    "Mounting Evidence"? Sounds like Schiff's fraudulent and slanderous statements during the Trump-Russia collusion hoax.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News