LETTER TO THE EDITOR: Oil profits soar while subsidies persist, aided by unpunished lies

There are ample reasons for condemning the misdeeds of Big Oil.

First, petroleum companies have known about the heat-trapping effects of burning fossil-fuels for decades, while they spent millions of dollars to mislead the public and elected officials by denying it. These destructive deceptions are often compared with the lies told by the tobacco companies that deceived Congress about the health risks of smoking. But Big Oil lies are far worse because their own scientists long had accurate knowledge of carbon-emission damages. Moreover, the cumulative global impacts of their propaganda are catastrophic, irreversibly worsening yearly, with billions more victims and environmental havoc for the foreseeable future.

Next in rebuke of Big Oil for its reckless greed are skyrocketing profits and the proportionally outrageous compensation paid to top executives. While the world suffered higher inflationary costs taking hold in 2021, not only did oil companies score record-breaking profits — adding further to inflation — but their executive were shamefully overpaid. Shell Oil alone doubled profits between 2021 and 2022, to more than $42 billion. Likewise Big Oil CEOs each made about $1.6 million more in 2022, providing executive bonuses exceeding $31.8 million across 28 companies.

Finally, the federal government persists in subsidizing oil producers in billions yearly while exploitative profits are squeezed from consumers. Not only are Americans coerced into their financial exploitation by indulging outrageous profits at the pump, but their income taxes are rewarding CEOs.

Ongoing legal actions against Big Oil for unscrupulous and preventable public harms are long overdue and well-justified.

— David Kyler

St. Simons Island

David Kyler is the co-founder and director of the Center for a Sustainable Coast, established in 1997 as a nonprofit organization dedicated to supporting responsible decisions that sustain coastal Georgia’s environment and quality of life.