Detestable profit-taking by oil companies
Petron boasted last August 1 that the company’s profits ballooned to ₱7.7 billion ($138.9 million) in the first half of 2022, or twice its ₱3.87 billion ($69.8 million) profits during the first half of 2021.
Local subsidiaries of oil companies make claims that the almost weekly increase in diesel and gasoline prices is the result of rising prices of crude oil in the global market. This is despite the fact that local companies actually import refined petroleum products from China, Japan, South Korea, Singapore and other countries.
The record-high profits of monopoly oil companies belie their claims that rising global prices of crude oil is the reason behind the almost weekly increases in the prices of petroleum products. The truth is that fuel prices are being pushed up mainly because of the insatiable greed for profits by the monopoly capitalists.
Last July, monopoly oil companies in the US reported raking in record profits during the second quarter (April to June). Exxon Mobil Corp., the largest US company, said it earned $17.9 billion during the second quarter, almost four times the $4.69 billion profit during the same period in 2021.
Meanwhile, Chevron Corp earned more than twice its biggest profit in 2008. In the second quarter of the current year, the company made $11.6 billion in profits. This is four times bigger than its $3.1 billion profit during the same period in 2021.
Shell also made $11.59 billion in second quarter profits this year, twice its $5.5 billion profits in the second quarter of 2021. Total Energie also reported second quarter profits of $5.8 billion, more than twice as the same period last year.