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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe oil companies are literally cranking up the prices to make Biden lose and get record profits
There's really no other explanation here, all the oil companies have been making absolutely gargantuan profits while our economy gets crippled. IMO this is by design to drive the democrats out of power and bring about a full republican government who will do away with all the decarbonization plans.
AllaN01Bear
(19,222 posts)Beachnutt
(7,392 posts)Just buy the minimum of gas...
StarryNite
(9,506 posts)FalloutShelter
(11,959 posts)Lets start asking Rethugs why they all voted against the bill written to curb price gouging at the pump
hummmm?
Crickets?
There is a Global recession coming and they are going to blame Joe for all of it.
Makes me angry, but this is what we are facing.
CentralMass
(15,265 posts)since the pandemic and therefore I drive very little.
Irish_Dem
(49,047 posts)The American oligarchs are like the Russian ones.
They want access to all US assets.
dalton99a
(81,884 posts)just like during the pandemic
Beachnutt
(7,392 posts)let's reduce consumption as much as possible.
But will the crooked oil companies slow down production even more ?
TigressDem
(5,125 posts)IF the oil companies raked in record profits in order to "Buy Out" of Russian Oil...
THEN the price of gas should soon go down. Because the oil companies made a TON of money this year.
(IF they didn't use these profits to get away from Russian Oil, then they need to do that first.)
THE PRICE OF EVERYTHING goes up when gas prices and diesel especially go up because of how much we depend on trucking industry to get supplies where they need to be.
Getting those prices back in line or taxing windfall profits to get the oil companies to self regulate, should help.
HOUSE has done their part. H.R.7688 - Consumer Fuel Price Gouging Prevention Act
https://www.usatoday.com/story/money/economy/2022/05/07/oil-company-record-profits-2022/9686761002/
BP paid off their stake in Russian Oil
BP PLC also said its net loss in the first quarter totaled $23 billion, after accounting for a write-off of its nearly 20% stake in Russian oil producer Rosneft in response to the Ukraine war.
Exxon took a significant hit by abandoning Russian operations due to the war, writing down $3.4 billion of their $5.48 billion in profits during the first quarter of 2022
Chevron reports $6.26 billion profit, over four times its earnings of $1.4 billion in the first quarter of last year. Revenue for the San Ramon, California-based energy producer surged 41%, to $54.37 billion.
Sinopec totals $3.45 billion net profit under Chinese accounting standards for the first quarter of 2022, compared to 17.93 billion yuan ($2.69 billion) last year, a 25% surge in net income.
Phillips 66 reported first-quarter earnings of $582 million, with adjusted earnings of $595 million.
In 2021, Phillips 66 reported a first-quarter loss of $654 million, with an adjusted loss of $509 million.
Hav
(5,969 posts)This isn't just a US thing.
mopinko
(70,532 posts)HariSeldon
(464 posts)Due to the amount of oil Russia was supplying to to world, their actions with respect to Ukraine were bound to raise oil prices.
Sadly -- from my standpoint, given the difference in politics I have from those of the oil companies -- that puts additional profit in the oil companies' coffers.
I wish our country had been foresighted enough to enact windfall profit taxes, so that the extra money paid for gasoline would go to benefit the poorest in our nation, rather than to the rich oil companies. The oil companies should at least create some kind of voucher program to assist the working poor who are barely scraping by and now have to pay more for gasoline and to retirees on skimpy fixed incomes.
lees1975
(3,981 posts)and the price of gas could go below 3.00 and they'd still be raking it in.
I'm glad I live somewhere that I can avoid going to the gas station so often. I can ride the "L".
Chainfire
(17,757 posts)I would nationalize oil so fast they wouldn't know what hit 'em. If you don't go to the Capitol and fight like hell, you won't have me for your king! All you progressives, stand back and stand by!
By the way, Gasoline in Mexico, with their state run monopoly, is about $ 4.00 today.
Chainfire
(17,757 posts)It is our damn fault!