Meanwhile, middle-class families are struggling to buy groceries and buy enough fuel to drive the kids to their after-school activities.
Shell made $9.1 billion in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8 billion, also a near threefold increase on 2021.
Chevron upped its profits to $6.5 billion and BP reveled in its highest first-quarter profits in a decade, making $6.2 billion. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a 449% increase in profits on last year, to $818m.
“The greed of these companies is staggering,” said Lori Lodes, executive director of Climate Power, an advocacy group. “We’ve heard their executives bragging about how much the agony of inflation and the tragedy of the war in Ukraine has allowed them to raise prices. These profits are going right into their pockets.”