Hawaii gas prices remain high amid soaring profits for U.S. oil companies

HONOLULU (HawaiiNewsNow) - Reports show America’s top four oil producers raked in huge sums of money in 2022 while local drivers and businesses continued to pay high prices at the pump.

Shell, ConocoPhillips, Exxon and Chevron recorded more than a trillion dollars in sales last year.

Shell specifically set a company record with a reported $40 billion in profit. That is more than double the amount Shell made in 2021.

The country’s largest oil producer Exxon Mobil reported $55 billion in profit, an increase of almost 140% over 2021.

ConocoPhilips managed to double it’s profits year to year as well raking in a little under $19 billion.

And finally Chevron, the country’s second largest oil producer, also hit a company record, reporting $36.5 billion.

Those four companies alone made a staggering $150 billion dollars in the last fiscal year.

To put that into perspective, that is essentially double what the U.S. has contributed to Ukraine since the start of the war (around $75 billion). The Ukraine war is what most oil executive blame high gas prices on including the pandemic slump.

“Yeah I think somebody has got to do something because these prices are getting ridiculous man,” said Hawaii driver Kalani Mendez who was filling up Tuesday at the HELE gas station in Kalihi.

For more perspective, Hawaii drivers are currently paying an average of $4.80 per gallon compared to $5.17 this time last year and $3.80 this time in 2021.

On Wednesday, PAR Hawaii (our local refinery) saw its stock price go up by 2%.

OPEC recently made the decision to cut oil production by more than a million barrels per day. Experts say that move could eventually relate to an 8 to 12 cent increase in the national average price for a gallon of gasoline.

“Right now, we don’t see any indications that this has had a major impact on pump prices,” said Doug Supe, Corporate Communications Manager for AAA.

“But the decision by OPEC to cut production through the end of this year comes at a time when we were already anticipating gas prices to move higher ahead of the busy summer driving season.”