Hello Rapp Up! readers. Remember last summer when Republican politicians were trying to blame inflation on covid relief funds (the funds that kept people from losing their homes and their work incomes)? In fact, as we reported in our June 2022 issue, it was actually corporate profiteering, such as by the big oil companies, that was contributing more to inflation. 

Well, the data is in – and, sure enough, oil companies did indeed post through-the-roof record profits in 2022.  Just look at these startling numbers:

• Shell reported their best profits ever, $39.9 billion for the full-year 2022, surpassing their previous annual record of $28.4 billion in 2008 and more than double their 2021 profits.

• BP's 2022 record profits of $27.6 billion also exceeded its 2008 record of $26 billion despite a $25 billion write off of its Russian assets. Without that, BP’s profits would have been over $50 billion.

• …and Exxon Mobil made $55.7 billion – more than doubling their $23 billion in profits in 2021, also exceeding their previous record of $45.22 billion set in 2008.

The list goes on. While households in America and worldwide were facing rising energy prices and cost of living hikes, these three as well as most other oil companies made record profits – because they could, because for years we have been told that governments have no business regulating monopolies with unfair pricing power, and because of the lobbying muscle of big corporations.

What is the definition of Scrooge, if it is not profiteering from other people’s misery? And that is why the oil industry execs have earned not just big bonuses — but our February Scrooge award. Congrats, or something…

Learn more from the links below:

https://www.cnbc.com/2023/02/02/shell-earnings-oil-giant-reports-record-annual-profits.html

https://www.aol.com/finance/bp-profits-soar-record-28-143756804.html

https://www.usatoday.com/story/money/2023/02/01/exxon-mobil-earnings-record-profits/11161113002/