Gas companies report record-breaking profits as Canadians struggle just to get by

Oct 31 2022, 6:56 pm

Gas prices across Canada are spiking up again and it looks like global economic pressures may not be as much of a reason as gas companies would like you to believe.

For months, Canadians have tried to navigate sky-high gas and grocery prices. We know that the reasons for this include the war in Ukraine, a looming recession, and supply chain issues. But things are no longer adding up.

Gas giants Chevron and ExxonMobil have released their quarterly fiscal reports, which show record-breaking profits.

“Sales and other operating revenues in third quarter 2022 were $64 billion, compared to $43 billion in the year-ago period,” reads Chevron’s third-quarter report, released Friday.

Chevron’s total profits for the quarter amounted to a whopping US$11.2 billion. The number nearly doubled from last year’s US$6.1 billion.

All three quarters of this year combined brought Chevron’s profits to US$29.1 billion, compared to US$10.5 billion last year.

Chevron

If those numbers sound bonkers, wait until you hear about ExxonMobil.

The gas company made US$19.7 billion in the last quarter alone — a US$1.8 billion rise from the second quarter of 2022 and an extra US$13 billion compared to Q3 of 2021.

ExxonMobil

“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” said ExxonMobil Chairperson and CEO Darren Woods.

“We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”

But buyers worry that the third-quarter results Woods is referring to also reflect something else — immense corporate greed.

Just yesterday, gas prices in Metro Vancouver once again peaked over $2 per litre for regular, just days after a drop was predicted.

 

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