Center for American Progress

RELEASE: Top 5 Oil Companies Made $35 Billion in Profits While Americans Paid More at the Pump, CAP Analysis Shows
Press Release

RELEASE: Top 5 Oil Companies Made $35 Billion in Profits While Americans Paid More at the Pump, CAP Analysis Shows

Washington, D.C. — The nation’s top five oil companies—Shell, ExxonMobil, BP, Chevron, and ConocoPhillips—brought in 300 percent more in profits during the first quarter of this year than in the same period in 2021, according to a new analysis from the Center for American Progress.

That is more than $35 billion in profits in just three months. In fact, the analysis shows that these five companies’ first-quarter profits alone are equivalent to almost 28 percent of what Americans spent to fill up their gas tanks over that time span.

“These oil and gas companies are getting rich off of everyone else’s financial pain,” said Jenny Rowland-Shea, deputy director for Public Lands at CAP and co-author of the analysis. “As these companies earn record profits, Congress must hold them accountable and provide some relief to consumers.”

The analysis urges Congress to get the Federal Trade Commission to investigate possible price gouging, require that companies use or give up public lands for more productive uses, and pass a windfall profits tax that would give the American people a share of Big Oil’s profits.

“The United States needs to move to a 100 percent clean energy economy to ensure lower costs and true energy independence in the long term,” said Sally Hardin, director for Energy and Environment Campaigns at CAP and co-author of the analysis. “As the summer driving season approaches, Big Oil cannot be allowed to continue to line its pockets while families suffer. Congress can and must act right now.”

Read the article: “These Top 5 Oil Companies Just Raked In $35 Billion While Americans Pay More at the Pump” by Sally Hardin and Jenny Rowland-Shea

For more information, or to speak with an expert, please contact Sam Hananel at shananel@americanprogress.org.