• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 21 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 6 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days Changing Gazprom ADRs to Russian shares
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Are Oil Prices Set For A Comeback?

Are Oil Prices Set For A Comeback?

Crude prices have fallen significantly…

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