While gas prices are on the rise for consumers, one group of people is not so bad.
A new report shows that the combined total compensation for chief executives of the largest oil-and-gas companies was nearly $45m higher in 2021 than in 2020. This is due to the sharp rise in gasoline prices in the US, which has seen a steep rise in recent years.
According to an exclusive analysis done by the Guardian, 28 major oil companies, including Shell, Exxons, BP, and Marathon Petroleum, paid out $394m to their chief executive officers in 2021.
Michael Henigan from Marathon Petroleum was one of the highest earners, with over $21m, $5m more than 2020, and Darren Woods from Exxon who received over $23m, $7m more than 2020.
These numbers reflect the company’s massive earnings, largely due to the increase in gas prices over the past year. Gas prices experienced an increase. 50% rise2021: The attainment of the highestThey have been this way since 2014. They have risen steadily since 2014. hittingIn the last few months, an average of $4.12 per gallon has been achieved.
Chief executive and chief financial officers at Shell were given raises for their contributions to delivering the strategic progress in 2021, Curtis Smith, Head Americas Media Relations at Shell, stated in an email to The Guardian. Ben Buerden (Systacks boss) received a $2m increase in 2021.
Profits at Shell quadrupled while BPs have quadrupled Net profitExxon reported a eight-year high for 2021, while the Exxon reportedIts highest profit since 2017 was realized in the fourth quarter of 2021.
Americans will not soon forget that while they struggled to fill their tanks with gas, oil and natural gas companies made record profits. They decided to give that money away to wealthy industry executives and shareholders, rather than stabilizing gas prices. Kyle Herrig is president of Accountable, a government watchdog.
The oil industry has DefendedFuel prices are rising due to a rise in crude oil costs, insufficient supplies, and a sudden increase in fuel demand after a lull in the pandemic or, more recently, the Russia/Ukraine war.
Big oil was accused of price gouging by the Biden administration. The US was actually a net oil exporter in 2021. Overall crude production has risen. However, crude oil prices have declined over the past month. PricesStill, the prices at the pumps in the US were still quite high.
Advocates for consumers have a negative view of oil companies. They force people to make tough choices about whether to put food on the table or fill up the gas tank. Jamie Court, president and CEO of Consumer Watchdog, said that this is a difficult choice.