Headline RoundupJuly 31st, 2022

Big Oil Companies Report Record $51.5 Billion in Profits in Q2

Summary from the AllSides News Team

Eight of the top Big Oil companies reported $51.5 billion in profits during their Q2 earnings calls.

Three of the top earners — Exxon, Shell and Chevron — grossed a record $46 billion in collective profits while the average price for a gallon of gas hit an all-time high of $5.01 in the U.S. The eight companies saw their income increase by 235% when compared to the same time period last year, according to a report from Accountable.US. The analysis also found that "wealthy shareholders" received $10.5 billion in dividends last quarter.

The report echoed a concern shared by many Americans facing exacerbated prices at the gas pumps that these oil companies exalted their "excellent quarters while dismissing high prices for consumers." President Joe Biden has accused these corporations of price gouging and urged them to increase domestic oil production, saying in June that "Exxon made more money than God this year."

Left-rated coverage accentuated a growing pressure on lawmakers to combat "corporate greed." Right-rated outlets have highlighted how Biden has underplayed inflated gas prices in lieu of an "incredible transition" to renewable energy programs.

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