The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Big Oil Hikes Gas Prices While Handing out Billions to Stockholders

Apr 11, 2022

The corporate news media keeps telling us the huge hike in gas prices is a result of the war in Ukraine and sanctions against Russia. Yet the war and sanctions don’t seem to be hurting the profits of the Big Oil companies.

So you might expect Big Oil to be spending their profits to expand oil production in this country or perhaps invest in alternative energy sources, right? Not exactly. Instead they’ve authorized 45 billion dollars in stock buybacks and dividend payments to their stockholders.

These companies are among the 77 fossil fuel companies that received a total of 8.2 billion dollars from the Covid-19 CARES Act stimulus package. All while laying off nearly 60,000 employees.

It’s not hard to see the real cause of why a tank of gas is costing us so much.