Sunday, January 23, 2022

Play

Despite a failed attempt in the U.S. Senate, more than 200 business owners call for federal reforms to strengthen election laws, and the U.S. Supreme Court deals another blow to abortion providers.

Play

President Biden gets cheers and jeers as he marks his first year in the White House, the Jan. 6 committee wants to hear from Ivanka Trump, and the Supreme Court rejects another challenge to the Texas abortion law.

Play

Expanded broadband akin to electrification in rural America 80 years ago; small Wyoming grocery store survives monopolization; revitalized Kansas town gets national recognition; and Montana's Native communities look for voter suppression work-arounds.

Report: Higher Gas Prices Linked to Soaring Oil Industry Profits

Play

Thursday, December 9, 2021   

LINCOLN, Neb. -- As Nebraskans continue to endure high gas prices, 24 of the top oil and gas corporations made nearly $174 billion in profits this year, with profits in the past three months alone topping $74 billion, according to a new report by Accountable.US.

Tony Carrk, executive director of the watchdog group, said top executives at Chevron and British Petroleum have privately boasted about redistributing what they view as "excess cash."

"Rather than giving American consumers a break at the pump, they're making all of this money in profits," Carrk asserted. "And they seem to be very happy about taking that money and increasing the value of their stock, and the compensations for their executives."

Eleven companies gave more than $36 billion in payouts to shareholders, while CEOs saw their pay rise by more than $10 million, including a $33 million package for Chevron CEO Michael Wirth.

Oil and gas companies have pointed to the Biden administration's efforts to mitigate climate change as a primary reason they have not been able to increase production.

Carrk pointed out much of the oil and gas industry's millions of acres already under lease for production remain untapped. He admits there are a lot of moving parts involved in gasoline pricing, from supply chain issues to rising demand.

"But what can't be denied is that these higher gas prices, the executives themselves are saying, are helping increase their profits," Carrk argued. "And those profits are not being put to lower gas prices for you, they're going to lining their pockets."

Rising prices linked to profits are not just limited to the oil and gas industry. A recent Bloomberg report found corporate profit margins have hit their highest level since 1950.

Carrk believes corporate greed is a significant factor in what is fueling the nation's rising inflation rate.

"Most Americans see the higher prices at the pump, they see higher prices at the grocery store," Carrk observed. "People should be seeing where the money is going."


get more stories like this via email
Sen. Kyrsten Sinema, D-Ariz., was elected to the U.S. Senate in 2018 to fill the seat previously held by Republican Jeff Flake. (Flickr)

Social Issues

A wave of new Arizona voters in the 2020 election changed the normally conservative state to one where progressive candidates and ideas have a fightin…


Environment

The U.S. Army Corps of Engineers plans to use federal funds for a project to help keep invasive carp out of the Great Lakes. It is proposing using …

Social Issues

Healthcare workers at an Oregon hospital have achieved what they say is a "win" after several strikes in recent months. Nearly 300 workers and …


Pennsylvania has over 300 million square feet of big-box building rooftops, which new research suggests could provide almost half the electricity that these buildings consume if they were outfitted with solar panels. (Adobe Stock)

Environment

As Pennsylvania continues to grow its solar-energy capacity, a new report found the roofs of big-box stores present a big opportunity to increase …

Social Issues

If Iowa wants to create healthier outcomes for its residents, advocates say there are steps policymakers can take right now to make it happen…

Over the course of the pandemic, North Dakota has received more than $350 million in federal aid to help struggling renters, but says it has sent back roughly 40% of that money unspent. (Adobe Stock)

Social Issues

North Dakota has returned a significant portion of the rental assistance provided by the federal government in the pandemic, and groups working …

Social Issues

Nearly 1,200 Hoosiers are about to have some of their student-loan debt forgiven, as part of a multistate settlement with the student-loan-servicing …

Social Issues

After a defeat on Wednesday, Democrats in the U.S. Senate say they'll keep trying to pass voting-rights legislation, and one Wisconsin group wants …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021