I mean, those terrible prices at the pump! Consumers are paying through the nose. But the price has to go up because free market. Oil companies are just barely scraping by, right?
Well . . . Not so much.
Oil giants reap record profits as war rages in Ukraine, energy prices soar: Here's how much they made
Wyatte Grantham-Philips
USA TODAY
The net profit margin of S&P 500 companies, which include energy giants such as Chevron and Exxon Mobil, in the first quarter has been running at 12.3% based on estimates and earnings reported so far, according to FactSet. That’s down from a peak of 13.1% in the second quarter of last year, but above the pre-COVID-19 level of about 11%.
“Profit margins should be coming down,” Lindsay Owens, executive director of Groundwork Collaborative, a progressive economic policy research group, previously told USA TODAY.
Instead, she noted, “they’re actually growing.”
From the story:
Shell earnings rise to $9.1 billion
BP records $6.2 billion profit
Exxon doubles profits from last year to $5.48 billion
Chevron reports $6.26 billion profit
Sinopec totals $3.45 billion net profit
Phillips 66's adjusted earnings of $595 million
Just be sure you're mad at the right people for your hundred dollar fill-up. And please remember that they can do this anytime they like, so the next time you're in the market for a car, maybe give a little more consideration to fuel efficiency?
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