Big Oil Raked in $174 Billion in Profits This Year, as Gas Prices Hit 7-Year High • Children’s Health Defense

While rising gasoline prices have adversely affected millions of working people in the U.S., the world’s biggest fossil fuel corporations have benefited immensely, raking in a combined $174 billion in profits during the first nine months of this year.

In the third quarter of 2021 alone, two dozen of the most profitable oil and gas companies — a group that includes Shell, BPExxonMobil and Chevron — recorded $74.9 billion in net income, according to an analysis released Monday by the watchdog group Accountable.US.

“Rather than taking steps to lower prices, oil corporations are reveling in their massive profits and using that money for their real priorities: stock buybacks and lining shareholders’ pockets.”

Big Oil Raked in $174 Billion in Profits This Year, as Gas Prices Hit 7-Year High • Children’s Health Defense