The Oil CEOs make over $20 Million while Price Gouging is still up for Debate
There has been a mark of $45 Million more in combined total compensation in 2021 for big oil...
As the everyday citizen continues to combat rising gas prices, CEOs from the largest oil and gas companies have received nearly $45 Million more in combined total earnings in 2021 compared to 2020 in the United States a new report claimed.
A total of 28 major oil and gas companies gave out $394 Million in total to their CEOs in 2021 according to the report provided by the Guardian. Among those earners were Michael Hennigan (Marathon Petroleum) who earned over $21 Million ($5 Million more than 2020) and Darren Woods (ExxonMobil) who also earned a whopping $23 Million ($7 Million more than 2020).
The main culprit in the massive earnings is the rise in gas prices over the last year. In 2021 alone, gas prices experienced a surge of 50% and there has been no sign of stopping as gas now hit an average of $4.12 in the past few months.
CEOs received raises for their “significant personal contributions … in delivering the strategic progress of 2021,” at Shell. This comes from an email to the Guardian vis Curtis Smith, Head of the Americas Media Relations at Shell.
Sticking to Shell, their profits nearly hit marks of 4x. Right alongside was BP with a net profit rising to an eight-year high. ExxonMobil also recorded its highest profits since 2017 in Q4 of 2021.
“Americans will not soon forget that when they were struggling to fill their tanks, oil and gas companies made record profits and decided to give that money to wealthy industry executives and shareholders rather than stabilizing gas prices.”
Kyle Herrig, president of government watchdog Accountable
Even though he plays a part, Biden and his administration have repeatedly accused big oil companies of price gouging American citizens. One shocking statistic is that the U.S. was actually a net exporter of petroleum in 2021 and also boosted their overall crude production. Crude oil may have decreased in value over the last month but prices at the pump remain ridiculous.
“They are causing people to have to choose between putting food on the table and putting gas in the tank. And that’s a choice that people shouldn’t have to make.”
Jamie Court, president of Consumer Watchdog
Read more on the Guardians report HERE