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Big Oil Raked In $174 Billion In Profits This Year, As Gas Prices Hit 7-Year High by Kenny Stancil

“Americans looking for someone to blame for the pain they experience at the pump need look no further than the wealthy oil and gas company executives who choose to line their own pockets,” said Kyle Herrig, president of Accountable.US. 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, BP, ExxonMobil and Chevron — recorded $74.9 billion in net income, according to an analysis released Monday by the watchdog group Accountable.US. Big Oil’s soaring profits come as “gasoline prices have hit a seven-year high in the U.S. due to the rising cost of oil, with Americans now paying about $3.40 for a gallon of fuel compared with around $2.10 a year ago,” The Guardian reported.

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