Just a month after Gov. Larry Hogan and the General Assembly instituted a gas tax holiday, drivers will see a $.36 a gallon bump in fuel costs at the pump. The 30 day reprieve ended April 17.

Gas prices have risen in part due to the Russian invasion of Ukraine.

At the end of the state’s legislative session earlier this month, the lawmakers adjourned without approval for an extension of the gas holiday. Despite support from members of the general assembly and gubernatorial candidates as well, the state tax on gas sales is again being charged.

Consumers are feeling the squeeze just as oil companies are reporting record profits.

Exxon Mobil made $23 billion in profit for 2021. But this followed $22.4 billion in losses in 2020 due to the pandemic fueled economic downturn. According to the New York Times, the company’s profit was the highest since 2014.

Chevron also enjoyed its most profitable year since 2014. The Wall Street Journal reports that in January Chevron earned $15.6 billion in revenue for 2021, following a loss of $5.5 billion in 2020.

BP reported it made $12.85 billion in 2021, with $4.1 billion coming in the fourth financial quarter alone. Reuters reported the quarterly profit was the largest the company has had since 2013. That followed a $5.7 billion loss in 2020, its first economic loss in ten years.

Reuters also reported that Shell made huge profits in 2021, bringing in $19.29 billion for the year, which was a sizable increase from its profits of $4.85 billion in 2020. In the final financial quarter of 2021, the company earned $6.4 billion, which was Shell’s highest quarterly profit since 2014.

Leave a comment

Your email address will not be published.