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Report: Oil Giants Post Eye-Popping $205 Billion Record Profits
Oil and Gas Companies Taking Advantage Of Inflation and Ukraine Crisis
WASHINGTON
According to a new report from government watchdog Accountable.US, twenty-five top oil and gas companies announced an eye-popping $205 billion in profits in 2021. These companies then used those profits to reward shareholders and buyback stock while Americans struggled with price increases. Now, Big Oil is exploiting the crisis in Ukraine to advance its agenda and make even more money at the expense of American consumers.
"As Americans encounter higher prices to fill their gas tanks or heat their homes, Big Oil is grasping at straws to explain why they are swimming in unused leases and hundreds of billions of dollars in profits - money they hand over to wealthy oil and gas company executives and shareholders rather than struggling consumers," said Kyle Herrig, president of Accountable.US. "It's time for Big Oil to stop lying about the Biden administration's public land policies, quit using it as a cover to cash in on inflation and the crisis in Ukraine, and pass the benefits of their massive profits on to consumers."
In 2021, oil and gas companies bought back over $35 billion in stocks while hiking up their dividends. And these giants are banking for an "even better" 2022 for shareholders, with plans already in place to buy back over $80 billion in shareholder returns already announced.
KEY FINDINGS FROM THE REPORT:
- While Americans struggle to cover the cost of filling their cars, Big Oil boasts to investors about a "momentous year" with record profits. This includes:
- Chevron called 2021 one of its "most successful years ever."
- Shell CEO Ben Van Beurden called 2021 a "momentous year."
- Oil and gas companies are taking "full advantage" of high prices, with profits serving as a "main component" of determining retail energy costs. Comments include:
- Coterra CEO Tom Jordan called the high gas prices "good."
- Equinor CEO Anders Opedal bragged to investors about "capturing value from high prices."
- With sky-high prices, oil and gas companies are choosing to shower money on their shareholders instead of reinvesting to help lower prices. In 2021, 14 oil companies gave over $35 billion to shareholders through dividend bumps and stock buybacks.
- Pioneer Natural Resources called 2021 one of the best years for shareholder returns in the shale industry in the past decade.
- Marathon Oil called doubling down on share buybacks the "clear thing for us to do."
Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.
LATEST NEWS
After Previously Voting With GOP, 52 House Dems Targeted to Oppose 'Nonprofit Killer' Bill
"Every nonprofit across the spectrum of human rights and progressive values is up in arms, begging Democrats to overcome their greed and their spite, and not to hand President-elect Trump the ability to destroy any nonprofit he dislikes with the flick of a pen," wrote one campaigner.
Nov 20, 2024
House Republicans have revived an effort to pass the so-called "nonprofit killer" bill—a piece of legislation that, if passed, would hand U.S. President-elect Donald Trump the ability to sanction civil society groups, including government watchdogs, news outlets, and humanitarian organizations.
A vote on the Stop Terror-Financing and Tax Penalties on American Hostages Act (H.R. 9495), which would allow the Treasury Department to remove tax-exempt status from nonprofits deemed "terrorist supporting organizations," is expected on Thursday.
But a wide coalition of organizations and individuals have voiced their opposition to the bill, including multiple groups that have mobilized to pressure House members to vote against it, particularly the 52 Democrats who previously voted in favor of it.
The controversial bill was blocked last week when 144 Democrats and one Republican voted against the bill after it was fast-tracked under a procedure that requires two-thirds majority support for passage. Republicans then brought it back through the House Rules Committee, teeing it up for a simple majority floor vote.
The 52 Democrats who voted in favor of the bill include Reps. Adam Schiff (D-Calif.), Henry Cuellar (D-Texas), and Ritchie Torres (D-N.Y.).
Groups including Muslims for Progressive Values, Fight for the Future, Council on American-Islamic Relations, and the union The NewsGuild-CWA have launched an advocacy effort to pressure those 52 Democrats to flip their votes and urge all members of the House to vote no on the bill.
"H.R. 9495 is a threat to our basic right to free speech, dissent, and advocacy. Democrats who claim to defend democracy must be called out for their SUPPORT of this bill. This bill will silence non-profits who speak up for human rights of Palestinians, reproductive rights, against deportations or ANY government policies," wrote Muslims for Progressive Values.
Some of Democrats who voted in favor have since said they will no longer support the bill.
Rep. Gabe Vasquez (D-N.M.) released the following statement on Monday: "I have heard loud and clear from folks in my district and understand the concerns of my constituents, non-profit leaders and their staff. The incoming administration's recent Cabinet nominations give me little faith that this tool would be used as originally intended. Therefore, I have decided to vote against H.R. 9495 and will continue acting in our district's and nation's best interests."
There is fear that the bill would, in particular, have a chilling impact on Palestinian rights organizations and pro-Palestine speech.
"This bill was designed to criminalize organizations and activists who oppose the U.S.'s unconditional support of Israel's genocide of Palestinians and the slaughter of Lebanese civilians. Such legislation threatened the constitutional rights of American nonprofits, houses of worship, and advocacy organizations—regardless of political orientation. Lawmakers must understand the serious, long-term dangers of advancing bills or investigations that seek to suppress lawful activism and silence dissent," according to a joint statement issued by Arab and Muslim American groups last week.
Lia Holland, the campaigns and communications director at Fight for the Future, said in a statement that "it's a disappointment but not a surprise to find Democrats voting for a bill to punish student protests against genocide on the wrong side of their entire values system. Over and over again, we've seen how legislative efforts designed to oppress dissent and silence speech end up burning their progenitors."
"H.R. 9495 is no exception—now, every nonprofit across the spectrum of human rights and progressive values is up in arms, begging Democrats to overcome their greed and their spite, and not to hand President-elect Trump the ability to destroy any nonprofit he dislikes with the flick of a pen," Holland added.
Others have also critiqued the proposed legislation on broader civil rights and free speech grounds.
"H.R. 9495 provides no due process or oversight, creating a tool for political retaliation under the guise of 'fighting terrorism.' Trump would abuse this power to retaliate against any [organization] that challenges his agenda. The 52 Dems who initially supported it must reverse course," wrote former Labor Secretary Robert Reich.
Kia Hamadanchy, senior federal policy counsel at the ACLU, said that "every time we give the president new powers and more authority to act alone, we create an open invitation for abuse by the executive branch."
"While the ACLU would oppose this legislation no matter who the president is, and there is no question it could be weaponized against groups on both ends of the ideological spectrum," Hamadanchy added, "the rhetoric we saw on the campaign trail from the president-elect is even more reason for Congress to reject this bill."
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GOP-Controlled House Ethics Panel Votes to Keep Gaetz Report Secret
"The American people deserve transparency from their elected officials, especially when it comes to evaluating the nominee to become our nation’s chief law enforcement officer," said one critic.
Nov 20, 2024
Critics slammed the Republican-controlled U.S. House Ethics Committee on Wednesday after the panel decided against releasing a report on sexual misconduct allegations against former U.S. Rep. Matt Gaetz, who has been nominated by President-elect Donald Trump to serve as attorney general.
Committee Chair Michael Guest (R-Miss.) told reporters that "there was not an agreement by the committee to release the report," while Rep. Susan Wild (D-Penn.) clarified that "a vote was taken."
Julie Tsirkin, congressional correspondent for NBC News, said Wild "suggested all Democrats voted yes, all Republicans voted no."
Christina Harvey, executive director of Stand Up America, called on the committee to "release the full report immediately" and warned that "failing to make it public would be a betrayal of the public trust and a dangerous precedent for our democracy."
Committee investigators have been examining allegations that Gaetz paid to have sex with a 17-year-old at parties while he was serving in Congress.
The investigators obtained records showing that Gaetz paid more than $10,000 to two women who testified before the committee. The records showed 27 PayPal and Venmo transfers from Gaetz between July 2017 and January 2019, some of which were allegedly payments for sex.
The allegations were also part of an FBI investigation into whether Gaetz was involved in sex trafficking of a minor. That probe was dropped without charges.
"The American people deserve transparency from their elected officials, especially when it comes to evaluating the nominee to become our nation’s chief law enforcement officer," said Harvey. "The Senate can't fulfill its constitutional duty to advise and consent on the president's nominees without access to the report and all evidence of the numerous allegations of Gaetz's sexual misconduct."
Gaetz abruptly resigned from Congress hours after Trump announced his nomination. The resignation meant Gaetz was no longer under the congressional committee's jurisdiction, and several lawmakers suggested the former Florida congressman aimed to avoid the release of the report. House Speaker Mike Johnson (R-La.) has pushed for the report to remain confidential considering Gaetz's resignation.
As the House committee was weighing whether to release the documents, Republicans on the Senate Judiciary Committee met with Gaetz ahead of his confirmation process. Vice President-elect JD Vance (R-Ohio) suggested on social media as the meetings were taking place that senators should support Trump's nomination, saying the party rode the president-elect's "coattails" to a Senate and House majority.
"He deserves a cabinet that is loyal to the agenda he was elected to implement," Vance said.
The House Ethics Committee report could still be released, either by someone who leaks it to the media or a lawmaker who could read it into the congressional record—an act that could lead to censure or expulsion from Congress.
As it stands, podcast host Brian Tyler Cohen said, "the House Ethics Committee Republicans are now complicit in trying to bury a potentially 'highly damaging' report into Matt Gaetz."
"Trump says jump, Republicans say 'how high,'" he said, "even if it means shielding sex trafficking of a minor."
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Israeli Use of AI Weapons in Gaza Denounced as Blatant Violation of Treaty Obligations
"As the Israeli military weaponizes AI for oppression, the world must confront this hypocrisy and hold it accountable to save lives," said Jewish Voice for Peace.
Nov 20, 2024
Amid reporting that the Israel Defense Forces is using an artificial intelligence weapons system touted as improving "operator lethality," Jewish Voice for Peace said Israel's use of technological warfare is "nothing new"—but pointed out that the new reports follow the country's signing of "the first global 'safety' AI treaty."
The Framework Convention on Artificial Intelligence, spearheaded by the Council of Europe, was signed by Israel in September, and "claims to be a legal framework governing AI systems to mitigate risks to human rights, democracy, and the rule of law—but the Israeli military is using AI to do precisely the opposite," said JVP.
The Jewish-led advocacy group spoke out after Middle East Eye (MEE)reported that the IDF has been using a weapons system in Gaza that came out of a collaboration between Israeli Weapons Industries and the Indian company Adani Defence & Aerospace.
The AI system, Arbel, was first unveiled at a defense expo in Gandhinagar, Gujarat in October 2022. MEE reported it is capable of turning "machine guns and assault rifles into computerized killing machines," using algorithms to increase Israeli soldiers' chances of hitting targets with accuracy and "efficiency."
The huge death toll in Gaza—which is conservatively estimated to be about 44,000 but which nearly 100 medical professionals estimated to be more than 118,000 last month, based on their experiences in hospitals there—has previously been linked to Israel's use of AI.
As Common Dreams reported in April, an AI machine called Lavender has been used by the IDF to devise "kill lists," with the military deeming 100 civilian deaths for every Hamas official an acceptable error rate. In December, the Israeli outlets +972 Magazine and Local Callreported that another AI machine called Gospel has been used to target dozens of buildings per day.
Defense analysts told MEE that Arbel has likely been used to "carry out the carnage of Palestinians in a more efficient manner in Gaza."
Antony Loewenstein, an independent journalist who tracks the use of technological warfare in Gaza and the West Bank, told MEE that as Israel has used numerous AI systems over the past 13 months, "targeting civilians was the point. It was never about just going after Hamas."
"I have spoken to people in Gaza, I have seen the direct human impact of this kind of killing," he told the outlet. "It is horrific."
Research analyst Noah Sylvia of the Royal United Services Institute in London told MEE that the IDF "has demonstrated a disregard for civilian life in Gaza to the point of routinely targeting children with small arms, meaning that Arbel could easily be used to make the killing of civilians, of children, more efficient."
The impact of the AI system depends "on the military's operating procedures and commitment to international humanitarian law," said Sylvia.
Humanitarian groups and human rights experts have said Israel is blatantly disregarding international law with its near-total blockade of aid into Gaza and its attacks—some with U.S. weapons—on civilians infrastructure.
JVP said the IDF's use of Arbel indicates Israel is also violating the Framework Convention on Artificial Intelligence, and noted reports that the military has also used "facial recognition technology and advanced weapons to monitor, silence dissent, cut internet access, and obscure its war crimes."
Marwa Fatafta, Middle East policy and advocacy director for Access Now, warned that Israel's partnering with India—where AI companies reportedly have the sixth-highest AI investments in the world at $7.73 billion—may provide "a new and terrifying blueprint for tech-enabled warfare... this time through Indian-Israel military tech."
"Rarely does a technology stay dormant in one location," Fatafta said. "The lawlessness and impunity in which Israel commits egregious crimes with the use of AI should terrify everyone."
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