Fig. 3

Estimated value of share buyback expenditure and dividend payments made by US-listed fossil fuel corporations versus the annual average price of crude oil imported into the US, 1982–2021. Sources: Compustat North America (via Wharton Research Data Services) and US Energy Information Administration. Values fixed to 2021 USD. Estimated annual value of ‘open market’ share repurchases = value of common and preferred stock purchases made minus the calculated reduction in the net value of preferred stocks outstanding