top of page

Booming Saudi Arabia Profits on the Backs of California Workers and Businesses



In recent months, the current administration and State Legislature have spotlighted alleged price gouging by California and American oil companies through numerous press conferences and media interviews. Yet Saudi Aramco reported a staggering net profit of $121 billion for 2023—surpassing the combined profits of the West's five largest oil companies.


Let that sink in: SAUDI ARAMCO'S PROFITS DWARF THOSE OF THE TOP FIVE WESTERN OIL COMPANIES, COMBINED!


Since 2018, California's domestic oil production dropped by more than 40%, while in 2023, 15.67% of our oil imports came from Saudi Arabia.


The direct consequence of decisions made by politicians, particularly those who championed Senate Bill 1137, has forced Californians to purchasing over 50 million (50,230,000) barrels of oil from Saudi Arabia.


California policymakers are favoring the enrichment of the Saudi Royal Family over California families and businesses so they can score political points with well-funded American environmental extremist groups. The losers in this scenario are California workers, as politicians seek temporary political wins in an election year.

 

Big oil is Saudi oil. Big oil is Iraqi oil. Big oil is Amazon Rainforest oil from Ecuador. California oil is mostly made up of independent oil producers who employ 50,000 hardworking Californians. Still, California’s legislature would rather put black and brown oil workers into the unemployment line in favor of making the Saudi Royal Family even wealthier than they already are.


Reference:

"Saudi Aramco reported a net profit of $121bn for 2023, more than the combined profits of the West's five biggest oil companies. Aramco increased its dividend pay-out to $98bn, a big source of income for the Saudi state, and promised even higher payments this year." (Economist, March 16, 2024)


For more information, contact Sean Wallentine.



Comments


bottom of page