SAN FRANCISCO – On Friday, California-based Chevron announced it made nearly $36 billion in record profits in 2022, more than double what the oil giant made the previous year.
The windfall profits can partially be attributed to the sky-high gas prices Chevron and other oil companies and refiners foisted on American consumers throughout last year, most notably in California during a months-long run of hiking up gas prices that topped $6 a gallon in many areas of the state.
The company also announced on Friday $75 billion in stock buybacks for its investors and executives, a steep increase from the previous amount of $25 billion.
“Chevron and other big oil companies spent last year punishing working families struggling to afford sky-high gas prices, and it paid off big time for the company and its shareholders,” said EWG President Ken Cook.
“Some of Chevron’s profits are almost certainly being funneled into Fossil California’s campaign to kill a law passed last year that would prohibit new oil and gas drilling near schools and homes in the state. That makes the outrageous profits more proof that oil companies have too much control over the lives of Californians, from their gouging at the gas pump to their pollution of our climate, air, water, land and communities,” added Cook.
The Environmental Working Group (EWG) is a nonprofit, non-partisan organization that empowers people to live healthier lives in a healthier environment. Through research, advocacy, and unique education tools, EWG drives consumer choice and civic action.