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Major oil companies raked in $50 billion in third-quarter earnings, Bloomberg reports, showing only a minor profit decrease while the global economy suffers and consumers pay the price. The five biggest companies—ExxonMobil, Chevron, Shell, TotalEnergies, and BP—are on track to have their second-highest earnings since the early 2000s, while consumers pay the price at the pumps.
These profits are not being used to help stabilize prices for consumers—companies are instead pocketing them as stocks and dividends. President Biden recently denounced Big Oil profits and called on companies to "invest in America" by using profits for increased production. In the past, Big Oil has invested in production during boom periods, but in this year of record profits, it seems companies are holding on to their cash. As of August 2022, companies had stockpiled nearly 9,000 unused permits to drill on public lands that they could use at any time.
It's clear that the boom-and-bust nature of the oil industry only hurts consumers while executives reap the reward. The only way to stabilize energy costs long-term is to move towards renewable energy sources. President Biden highlighted the need for permitting reform to speed up energy production of all kinds and stabilize prices for consumers. If done correctly, permitting reform could reduce delays for renewable energy development, but it's important that lawmakers focus on targeted solutions without short-cutting environmental reviews or sacrificing NEPA standards.
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It's funny to say that housing is a solution to climate change, but for this population, it is the healthcare infrastructure that they need.”
