Government
Oil Giants Profit $200 Billion as Consumers suffered Astronomical living costs; UN boss Outraged
By Dana Malcolm
Staff Writer
March 1, 2023 – UN Secretary General António Guterres is slamming oil companies for their immoral actions and profiteering in 2022 and calling for taxes to be levied against them; the top companies cumulatively racked in nearly $200 billion in profits.
In 2022, the biggest oil companies in the world raked in such exorbitant amounts of cash that it tipped them all into their most profitable year in history. While this was happening UK families slumped into energy debt unable to pay their bills as winter approached with the possibility of no heating; prices at the US pumps reached incredible highs, up to $5 per gallon which customers had to absorb; and Caribbean electricity and gas prices sent governments
Guterres said: “I urge governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times.”
The Russian invasion of Ukraine and subsequent banning of Russian oil from most of the west coupled with extended supply chain disruptions caused the cost upsurge and oil companies and their shareholders made billions while residents suffered. The five major producers made a combined profit of $196.3 billion dollars last year sparking accusations of profiteering and calls for harsher taxes.
American company Exxon Mobil more than doubled making a $56 billion profit, a record number, never before seen outside of eastern oil conglomerates; British owned Shell made the highest profit in its history also doubling its 2021 profit, putting them 40 billion dollars in the black; French Total Energies doubled its profit margins making $36.2 billion; American owned Chevron made 35.5 billion; and British owned BP made 28 billion.
Some of the companies including Exxon are also being criticized for paying out massive increases to shareholders rather than increasing production of oil to help lower costs. The UN had also warned that the rising costs could potentially price out many developing countries, especially the most vulnerable communities, from energy markets.