As conflict between the U.S. and Iran continues into its sixth month, American oil companies have recorded record profits despite the global oil supply facing significant shortages.
Illinois Gov. J.B. Pritzker last week sent a letter to seven top oil executives – including Exxon Mobil, BP, Shell, Chevron and Conoco Phillips – questioning the corporations’ ability to make heightened profits as the price at Illinois pumps increased in recent months.
Pritzker addressed energy policies he’s pushed to help ease the burden of fuel costs for Illinoisans, but none have fully addressed sharp price increases in the short term.
In his letter, Pritzker provides executives an Aug. 21 deadline to agree to multiple requests he made of the companies, including asking for a commitment for the oil companies to return some of the profits to Illinoisans.
Darren Woods, CEO of ExxonMobil, had his salary increased to $2.14 million at the start of the year. Woods also received a $4.1 million bonus and nearly $26 million in stock awards last year.
ExxonMobil recorded $14.5 billion in the second quarter this year, and Woods attributed the gain to the company’s ability to adapt to changes in the industry as the conflict progressed.
Story from Illinois Radio Network
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