Tuesday, April 26, 2022

The Guardian: Oil company execs raking in the cash; "‘What we now know … they lied"

"While gas prices soar for consumers, one group of people isn’t faring so badly.

Chief executives from the largest oil and gas companies received nearly $45m more in combined total compensation in 2021 as compared to 2020 amid the steep rise in gasoline prices across the US over the last year, a new report states.

Twenty-eight major oil and gas companies, such as Shell, Exxon, BP and Marathon Petroleum, gave out $394m in total to their chief executives in 2021, according to an exclusive analysis provided to the Guardian."

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‘What we now know … they lied’: how big oil companies betrayed us all

"There is a moment in the revelatory PBS Frontline docuseries The Power of Big Oil, about the industry’s long campaign to stall action on the climate crisis, in which the former Republican senator Chuck Hagel reflects on his part in killing US ratification of the Kyoto climate treaty.

In 1997, Hagel joined with the Democratic senator Robert Byrd to promote a resolution opposing the international agreement to limit greenhouse gases, on the grounds that it was unfair to Americans. The measure passed the US Senate without a single dissenting vote, after a vigorous campaign by big oil to mischaracterize the Kyoto protocol as a threat to jobs and the economy while falsely claiming that China and India could go on polluting to their heart’s content.

The resolution effectively put a block on US ratification of any climate treaty ever since."
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A sign displays the price of gas at an Exxon gas station in Washington DC, in March. Photograph: Stefani Reynolds/AFP/Getty Images
A sign displays the price of gas at an Exxon gas station in Washington DC, in March. Photograph: Stefani Reynolds/AFP/Getty Images

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